A.O. Smith price target lowered to $78 from $85 at Citi

Citi lowered the firm’s price target on A.O. Smith (AOS) to $78 from $85 and keeps a Neutral rating on the shares. With an upcoming change in U.S. administration, Citi remains “selectively bullish” on multi-industry companies as divergent market trends among industrial verticals could continue for the time being, the analyst tells investors in a research note. The firm says exposure to secular growth themes could remain at a premium, and it also favors selective exposure to emerging tailwinds such as “Trump beneficiaries,” value, and tactical short-cycle exposure.