Stifel raised the firm’s price target on Watts Water to $206 from $199 and keeps a Hold rating on the shares. The company delivered a “strong finish” to 2023, with record sales, operating margin, EPS, and free-cash-flow while in the midst of a volatile environment, the analyst tells investors. FY24 guidance, however, includes caution on nonresidential new construction and multifamily, as well as continued softness in Europe, the firm adds. Overall, execution remains strong, Stifel concludes.
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