As previously reported, Boenning & Scattergood upgraded Mueller Water to Outperform from Neutral with a $14 price target. Analyst Ryan Connors expects sustained demand for basic water infrastructure products due to the positive outlook for home building, and in particular land development as builders seek to bring new housing supply to market. Connors said Mueller has a significant strategic optionality and a recent track record of bold portfolio management moves, with over $2/share in cash and an attractive systems business that has significant franchise value while shares trade at a 21% discount to water infrastructure peers.