UBS analyst Damian Karas initiated coverage of Watsco with a Neutral rating and $280 price target. While Karas believes secular growth drivers abound the HVAC industry and Watsco is likely to remain a leading consolidator in the fragmented distribution market, cyclical factors will make for a more challenging near-term environment for the stock, the analyst tells investors in a research note. He sees relatively balanced risk-reward over the next year.
Published first on TheFly
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