** Analysts at Morningstar say the start to fiscal 2025 for Australia's Reece was more difficult than they had expected

** Brokerage lowers FY adjusted-EBIT forecasts on the bathroom and plumbing supply provider by 5% to A$680 mln ($451.45 mln) on weaker U.S. revenue estimates

** Says near-term reduction in the cash rate in Australia is immaterial to its valuation and mid- and long-term forecasts remain unchanged

** Adds Reece's shares are "materially overvalued"

** "We remain cautious on US growth prospects over the short to medium term, with greater competition in a more fractionalized market and a different operating model" - Morningstar

** Brokerage, in the longer term, believes demand for residential plumbing products remain high in group's main geographies of the United States and Australia

** Stock has risen 9.2% this year, as of last close

($1 = 1.5063 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))