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Brean Murray Carret maintains its Buy rating on Watts Water Technologies
WTS and lowers its target $2 to $48 on valuation.
Brean Murray Carret notes, "We have adjusted our forward estimates and are maintaining our Buy rating, but are lowering our target price to $48 from $50, based on the shares attaining a level of 18x our 2012 EPS estimate of $2.67. Risks include economic sensitivity, geopolitical conditions, commodity pricing, litigation, forex fluctuations, and acquisition integration."
WTS closed at $41.11 a share on Tuesday.
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