BWS Financial downgraded Hawkins to Neutral from Buy with a $122 price target The company’s growth through inorganic means has resulted in the stock trading at a premium to the market and to company’s historic levels, the analyst tells investors in a research note. In addition, Hawkins’s industrial segment is likely to experience a decline in sales, putting greater emphasis on gross margin than on sales dollars, adds BWS. The firm says seasonality in the water treatment segment should result in the company’s overall gross margin declining in the second half of fiscal 2025. As such, BWS prefers to wait for a better entry point.