Zurn Elkay Water price target raised to $37 from $36 at Oppenheimer

Oppenheimer raised the firm’s price target on Zurn Elkay Water to $37 from $36 and keeps an Outperform rating on the shares. Zurn Elkay’s 2024-2025 growth prospects remain underappreciated by many, beginning with a robust institutional project funnel and sustainable, mix-accretive double-digit growth in its drinking water platform, the analyst tells investors in a research note. Institutional strength, easing comps and improving reads for residential applications, and potential Infrastructure Investment and Jobs Act tailwinds for waterworks revenue should more than offset pockets of weakness in commercial verticals and drive solid, realistically accelerating core growth over the coming quarters, the firm argues.