Jefferies likes Reliance Worldwide's next-gen product roll-out, hikes PT

Reliance Worldwide

22/06/2023 23:54

** Jefferies says Reliance Worldwide Corp's  RWC.AX 
next-gen product roll-out together with organic growth
opportunities such as PEXa pipe and fittings to drive growth
above market for some time
    ** Brokerage hikes price target on the Australia-based
plumbing products and services firm to A$4.19 from A$3.50;
maintains "hold" rating
    ** Attracted to the relative safety of RWC's non-cyclical
repair work over peer James Hardie Industries'  JHX.AX 
high-value remodeling exposure, especially in U.S. - Jefferies
    ** Brokerage forecasts RWC's 2023 and 2024 EBIT to be $220
mln and $238 mln, respectively
    **  11 of 17 analysts rate the stock "buy", six "hold";
their median PT is A$4.28 – Refinitiv data
    ** RWC has risen 38.2% this year 

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))