Fly News Breaks for January 14, 2020
Jan 14, 2020 | 07:43 EDT
RBC Capital analyst Deane Dray downgraded Mueller Water to Sector Perform from Outperform with a price target of $12, down from $13. The analyst warns that the company's migration "up the water technology curve" may be slower than he initially expected. Dray adds that while the stock trades "attractively" on a historical relative price to earnings basis, its unprofitable Technologies segment remains a "show-me" story while the company's "much-needed" plant expansion will reduce its free cash flow conversion in 2020.
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