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.
Published first on TheFly
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