Information Provided By:
Fly News Breaks for May 14, 2019
XYL
May 14, 2019 | 09:28 EDT
As previously reported, Cowen analyst Joseph Giordano downgraded Xylem to Market Perform from Outperform, noting that comps remain challenging for the next 9 months as its end markets are likely cooling down. Industrial commentary has weakened and PMI readings have decelerated, commercial building trends should moderate off high levels, and residential construction is already in a negative trend, said Giordano, who noted that his updated estimates for 2019 and 2020 are below Street consensus. He lowered his price target on Xylem shares to $72 from $75.