Watts Water +4.5% as BB&T says buy the dip

Watts Water Technologies (WTS +4.5%) is upgraded to Buy from Hold with a $67 price target at BB&T, which suggests investors buy the dip after shares have dropped 9% since Feb. 27.

The firm believes that unless the housing/construction recovery story is already over - which it doubts - WTS will quickly rebound and trade higher as it benefits from macro tailwinds in North America after positively inflecting in H2 2013 plus structural margin lift from its new European restructuring.

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