Stephens raised the firm’s price target on Watsco to $500 from $450 and keeps an Overweight rating on the shares. Following what the firm views as a bullish HVAC industry conversation during and post-earnings, it has increasing conviction in 15%-20% price/mix tailwinds and is raising its 2024/2025 estimates and “Street-high” price target on Watsco, which it reiterates as a Best Idea.
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