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Fly News Breaks for December 6, 2019
AOS
Dec 6, 2019 | 05:28 EDT
Goldman Sachs analyst Susan Maklari initiated coverage of A.O. Smith with a Sell rating and $43 price target. The analyst sees the company underperforming its building product peers over the next 12-months given elevated water heater inventories in China and declining U.S. residential water heater shipments as the industry comes off its 2018 peak. Further, the forecast for inflating steel prices in the U.S. in 2020 suggests the need for additional pricing power on lower volumes, Maklari tells investors in a research note.
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