Oppenheimer Raises PT On WSO To $76

Oppenheimer has raised the Price Target on Watsco WSO from $70 to $76. According to Oppenheimer, "It appears demand improved each month of 1Q11. We estimate EPS of $0.18, when WSO reports 4/21. Management continues to internally target double-digit SSS, vs. our conservative mid-single-digit estimate, and believes the tax-credit expiration represents only a 1-2% headwind. A deal for Carrier Canada could occur as early as year-end. Increase 2011E/2012E EPS to $3.15/$3.76, from $3.12/$3.67 to account for NE Carrier JV. Maintain Outperform. Increase price target to $76 from $70." WSO is rated Outperform and closed at $69.07 yesterday.