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Fly News Breaks for February 7, 2020
XYL, WTS
Feb 7, 2020 | 07:11 EDT
As previously reported, Seaport Global analyst Brett Hundley downgraded Watts Water (WTS) to Neutral from Buy. Hudley sees negative read-through to Watts from Xylem (XYL), which reported that its business weakened as the industrial slowdown reported in Q3 continued into Q4 and spread to commercial, metrology and other residential water sectors. He believes Watts could sees a similar step-up in slowing in Q4 as a result of slowing demand for commercial water products in the Americas and EU, Hundley tells investors.
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