Watsco falls as JP Morgan cuts PT

Watsco

20/10/2023 17:01

** Shares of air conditioning, heating and refrigeration
equipment supplier Watsco Inc  WSO.N  fall ~2% to $346.12,
hitting a three-week low
    ** JP Morgan cuts price target on WSO to $350 from $360,
reflecting co's Q3 results 
    ** While WSO's results underperformed vs the industry late
in the cycle, its relative performance on growth and margins
improved in 2020-22  - JPM 
    ** Says co's increased tech/SGA spending differentiated it
vs smaller peers in an increasingly digital world, and likely
remains a source of strength
    ** Co on Thursday posted Q3 EPS of $4.35, vs analyst
estimates of $4.29; it also beat revenue estimates - LSEG data
    ** Three of 15 brokerages rate the stock "buy" or higher,
eleven "hold" and one "sell" or lower; their median PT is $360
    ** Up to Thursday's close, stock had risen ~40% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))