UPDATE: Morgan Stanley Initiates Coverage on Watsco with Equal-Weight Rating, $111 PT on Attractive End-Market Story - Watsco (NYSE:WSO)

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In a report published Tuesday, Morgan Stanley analyst Nigel Coe initiated coverage on

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Watsco

(NYSE: WSO) with an Equal-Weight rating and $111.00 price target.In the report, Morgan Stanley noted, “Attractive end-market exposure. WSO has the highest mix in our coverage of residential HVAC, which has been and will likely remain one of the best performing end markets in our sector. Potential for cost-out is an increasingly interesting part of the story, but with potentially negative mix headwinds from equipment, we're more cautious until mgmt can articulate specific margin levers. Multiple largely supportable on above-peer growth, market position, and strong history of capital return, though the current multiple could prove high if demand inflects.”Watsco closed on Monday at $104.63.