Goldman Sachs downgraded Zurn Elkay Water to Neutral from Buy with a price target of $29, down from $31. The analyst sees less potential for the stock to re-rate given a softer commercial backdrop and Goldman’s below consensus estimates. Zurn Elkay’s earnings momentum will matter more as the company has now closed the multiple gap with peers year-to-date and there is downside risk to consensus estimates, the analyst tells investors in a research note.
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