Seeking Alpha

Wedbush cautious on Xylem after CEO resignation

  • Wedbush is skeptical about Xylem's (XYL +2.1%) executive shakeup.
  • "Today's announcement that President and CEO Gretchen McClain has stepped down suggests the road ahead may be more challenging than we had anticipated," analyst David Rose says.
  • Rose calls the shares' performance since the ITT spinoff "lackluster" and notes that given the company's recent earnings report (Q2 adjusted EPS -26% Y/Y, negative organic revenue growth, disappointing guidance), "the case had not been made that a turnaround [is] imminent."
  • Neutral rating maintained, price target $27.
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