KeyBanc downgraded Zurn Elkay Water to Sector Weight from Overweight without a price target. The analyst continues to appreciate secular drinking water trends, but sees a more balanced risk/reward moving forward with the shares up 38% year-to-date. With Zurn’s valuation now ahead of the average peer multiple, a less supportive end market backdrop paired with slower momentum in the Hygienics business post-COVID could hamper a further re-rating of the stock, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on ZWS:
- Zurn Elkay Water management to meet with Oppenheimer
- Zurn Elkay Water price target lowered to $26 from $27 at Baird
- Zurn Elkay Water sees Q4 revenue $351M, consensus $363.6M
- Zurn Elkay Water reports Q3 EPS 29c, consensus 27c
- Zurn Elkay Water sees FY23 revenue $1.525B, consensus $1.53B
Questions or Comments about the article? Write to editor@tipranks.com