Deutsche Bank analyst Joe Ahlersmeyer raised the firm’s price target on Watts Water to $217 from $190 and keeps a Hold rating on the shares. For building products, the firm again sees the year ahead favoring stock selection, and again recommends investors start 2024 with a positive bias toward residential construction exposure and the distributor business model. The analyst reiterates Top Picks TopBuild (BLD), Builders FirstSource (BLDR) and Core & Main (CNM), and adds Beacon (BECN) to Top Picks in recognition of consistent progress on its initiatives and a belief that the roofing category will continue to deliver in 2024.
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Read More on WTS:
- Watts Water price target raised to $175 from $165 at TD Cowen
- Watts Water sees 2023 organic revenue growth flat, consensus $2.02B
- Watts Water sees Q4 organic revenue growth down 6%-1%, consensus $516.53M
- Watts Water reports Q3 adjusted EPS $2.04, consensus $1.83
- WTS Earnings this Week: How Will it Perform?
