Xylem price target raised to $120 from $115 at Cowen

Cowen analyst Joseph Giordano raised the firm’s price target on Xylem (XYL) to $120 from $115 and keeps an Outperform rating on the shares. The analyst said Xylem is now firmly entrenched as the go to stock in the water sector and will likely continue to warrant a premium. Cowen said as general industrial markets cycle down, Xylem’s muni / infrastructure markets will remain resilient, and the incoming Evoqua (AQUA) business is 60+% aftermarket and service related and will act as an attractive support structure.