JP Morgan Lowers PT on Watts Water To $38

JP Morgan has lowered the price target on Watts Water Technologies WTS from $41 to $38 and maintains its Neutral rating. JP Morgan writes in a research report published today, "Watts' 2Q showed a continuation of downbeat fundamental news in construction end markets, while pricing started to catch up and restructuring should start to wane, both positives. While 2H11 should be helped by recent realignment actions, new products and a narrowing price/cost spread, we are trimming estimates and our PT on limited visibility and concerns around growth in Europe next year." JP Morgan maintains its Neutral rating on Watts Water Technologies, which closed Friday at $29.05.