UPDATE: Wedbush Raises PT on Watts Water Technologies to $37 (WTS)

Wedbush is out with its report on Watts Water Technologies WTS, raising its PT from $33 to $37. In a note to clients Wedbush writes, "The pending acquisition of Danfoss- Socla for $165.8 million is the second largest acquisition in the last decade for Watts and should help bolster growth into 2012. Given the stepped up level of earnings from the acquisition, we are raising our 12 month price target to $37 from $33." Wedbush maintains Neutral on WTS. Shares of WTS closed Thursday at $37.92.