Zurn Elkay Water price target lowered to $36 from $37 at Baird

Baird lowered the firm’s price target on Zurn Elkay Water to $36 from $37 and keeps a Neutral rating on the shares after the company reported Q1 results. The firm left the quarter feeling “better” abut estimate trajectory largely on margin levers and cumulative revenue stability, with greater conviction in timing/magnitude of end market improvement needed to turn more constructive. The analyst noted that end markets remain uncertain, though the firm suspects management has appropriately handicapped the risks.