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A.O. Smith initiated with a Neutral at JPMorgan

JPMorgan analyst Tomohiko Sano initiated coverage of A.O. Smith (AOS) with a Neutral rating and $70 price target The firm says the company’s recurring demand profile from replacement-driven demand is offset by a soft overall environment within the housing market. It believes A.O. will see stable margins from commercial water heating and boiler sales contributing positively to product mix, and its earnings growth will be slightly above revenue growth due to operational leverage and share repurchases.

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