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Fly News Breaks for February 11, 2019
WTS
Feb 11, 2019 | 08:29 EDT
As previously reported, Janney Montgomery Scott analyst Michael Gaugler downgraded Watts Water to Neutral from Buy, citing valuation after the shares rallied strongly Friday following the company's earnings report, which he believes is most likely due to the announcement of a $150M share buyback program. 2019 guidance was relatively inline with his expectations and he has made only minor adjustments to his estimates, noted Gaugler, who raised his fair value estimate for Watts Water shares to $83 from $81.
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