Watts Water price target raised to $260 from $229 at Stifel

Stifel raised the firm’s price target on Watts Water (WTS) to $260 from $229 and keeps a Buy rating on the shares. The firm cites a very strong quarter for Watts with revenue and EPS ahead of consensus and company guidance, and a solid Q2 outlook with limited impact from pricing. Stifel continues to believe Watts will be in a competitively advantaged position relative to competition with its vertically integrated, more domestic, manufacturing footprint, which should allow it to effectively compete for market share.