Jun. 30 at 11:19 AM
$WTS Barclays upgrades Watts Water to Overweight on data center opportunity
Barclays analyst William Grippin upgraded Watts Water to Overweight from Equal Weight with a price target of
$414, up from
$317. The firm has "more comfort" in the company's data center growth opportunity and sees multiple near-term catalysts for the shares. Watts is best positioned in the waste and water technology group to benefit from the data center capex cycle as the company continues to expand its portfolio of products that serve data center plumbing, drainage, and cooling needs, the analyst tells investors in a research note. Barclays believes Watts' sustained above mid-single-digit organic growth will support an above-peer valuation multiple for the shares.
