Watts Water price target lowered to $199 from $225 at Baird

Baird analyst Michael Halloran lowered the firm’s price target on Watts Water to $199 from $225 and keeps a Neutral rating on the shares. The firm said they posted a healthy beat and maintained guidance. End markets are unsurprisingly mixed though largely consistent with expectations excluding Europe, with soft 2H trends broadly particularly in Europe where destocking is driving -DD declines and leading indicators continue to imply softer trends ahead/into 2025.