UPDATE: Wedbush Lowers PT on Watts Water Technologies to $32

Wedbush is out with its report today on Watts Water Technologies WTS, lowering its PT to $32 from $37. In its report, Wedbush writes, "In valuing these shares, we incorporate a DCF model and multiples to EBITDA based on comparable companies. Using the blended EBITDA multiple of 8x our 2011 and 2012 discounted by 15% to account for control premium of the B shares, we believe these WTS shares should trade at approximately $32 over the next 12 months." Wedbush maintains Neutral on WTS. Shares of WTS closed Thursday at $26.76.