Baird cuts Watsco stock price target, keeps Outperform rating By Investing.com
Baird has maintained an Outperform rating on Watsco (NYSE: NYSE:), but the firm reduced the stock’s price target to $540 from $550.
This adjustment follows Watsco’s third-quarter performance, where the company experienced a 4% decline in shares compared to the 1% fall in the S&P 500, due to revenue and gross margin figures that fell short of expectations.
The Baird analyst noted that despite the third-quarter results, Watsco saw a rebound in October with mid-single-digit growth and “meaningful unit growth.”
The firm anticipates that Watsco has several avenues to drive future expansion, most notably through the pricing and mix of A2L products, which are expected to contribute positively.
Looking ahead, Baird expressed continued…
