Watsco price target raised to $350 from $323 at Baird

Baird analyst David Manthey raised the firm’s price target on Watsco to $350 from $323 and keeps an Outperform rating on the shares. The analyst said while results are seasonally less significant in the fourth quarter, we were encouraged by solid execution at the gross margin and SG&A lines; both of which have been key constructs of the bearish narrative.