Watsco price target raised to $365 from $350 at Loop Capital

Loop Capital raised the firm’s price target on Watsco to $365 from $350 and keeps a Hold rating on the shares. Despite the elevated mix headwinds that were driven by strength in commercial equipment sales, the company’s stronger-than-expected sales growth and SG&A leverage led Watsco’s “modest” Q3 EPS beat, the analyst tells investors in a research note. Loop Capital added that easier volume comps and continued strength in price and sales mix are expected to continue for the company heading into 2024-25.