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Fly News Breaks for December 9, 2019
PNR, AOS
Dec 9, 2019 | 09:01 EDT
KeyBanc analyst Jeffrey Hammond downgraded A.O. Smith (AOS) to Sector Weight from Overweight. In a reteach note to investors, Hammond says he is replacing A.O. Smith with Pentair (PNR) as his preferred Water play, saying that while he sees an opportunity for both companies to improve materially off a low earnings base next year, he has higher confidence in Pentair fully stabilizing by year-end, clearing the path for an inflection at the onset of 2020, whereas he sees the potential for challenges in China to linger into 1H20 alongside a still-unsettled political landscape and Haier to disrupt what was a long- established three-player oligopoly in the North American water heater market, all dampening his optimism for A.O. Smith both near and longer term.
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