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Fly News Breaks for December 11, 2019
WBT
Dec 11, 2019 | 07:27 EDT
Buckingham analyst James Clement downgraded Welbilt to Neutral from Buy with a price target of $17, down from $24. The analyst is "increasingly concerned" that the general market has started to soften slightly. This would mirror the large chains but on a lag, which is typical for the industry, Clement tells investors in a research note. He would not be surprised if volumes started negative with pricing providing net revenue growth that's flat to only slightly positive for 2020 versus Street expectation of 3% revenue growth for Welbilt. The stock could be "dead money" until evidence of success against the company's long-term margin improvement plan emerges in late 2020, contends Clement.
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