Zurn Elkay Water price target raised to $29 from $27 at Goldman Sachs

Goldman Sachs analyst Joe Ritchie raised the firm’s price target on Zurn Elkay Water to $29 from $27 and keeps a Buy rating on the shares after its Q4 results and guidance. The company’s organic sales growth declined 3% for legacy Zurn and was lower than expected given a weaker than anticipated residential market and wholesale channel inventory reductions as as its lead-times returned to historical levels, the analyst tells investors in a research note. The firm adds however that the stock’s current valuation is an attractive entry point for investors, particularly given where its other Water peers are trading.