Zurn Elkay Water downgraded to Neutral from Outperform at Baird

Baird analyst Michael Halloran downgraded Zurn Elkay Water to Neutral from Outperform with a price target of $26, down from $27. The analyst downgraded the shares to reflect limited upward catalysts and end market risks. Halloran expects investor rotation away from non-residential exposure to continue, and sees limited incremental company-specific estimate or valuation multiple expansion catalysts. In addition, Zurn Elkay "credibility remains a headwind until consistent execution against messaging emerges," Halloran tells investors in a research note.