Watsco price target raised to $415 from $365 at Loop Capital

Loop Capital raised the firm’s price target on Watsco to $415 from $365 but keeps a Hold rating on the shares as part of a broader research note. The firm is cutting its FY24 EPS view by $1.30 to $14.00 to reflect weak January HVAC shipment data but also cites a more favorable multiple backdrop in raising its price target, the analyst tells investors in a research note. Loop further notes that Watsco recently indicated that it has added absolute inventory dollars early in the year as it looks to press its competitive advantage around inventory availability and optimize price/cost.