UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Watts Water Technologies

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating on Watts Water Technologies WTS, and raised its price target from $33.00 to $38.00. J.P. Morgan noted, “We view Watts as a solid end-market leverage play on developed market construction, which should start to benefit from recovery prospects in 2012/2013. Acquisitions have become a bigger part of the story near term, one that should help EPS grow in 2012, even if challenging underlying dynamics persist. Shares had been more attractively valued on 2012, but expectations have been reset higher for 2012 on recovering housing prospects, and limited visibility and uncertainties around the timing of a recovery in construction keep us Neutral.” Watts Water Technologies closed on Friday at $38.21.