Watsco initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Christopher Snyder initiated coverage of Watsco (WSO) with an Equal Weight rating and $515 price target The company has an attractive position in the HVAC market and the current macro environment, the analyst tells investors in a research note. However, the firm says it is “hard to get upside” at the stock’s current valuation given its concerns on near-term residential HVAC demand.