0007 GMT - Macquarie joins banks slashing their price targets on Reece after the household-fittings provider said competition has intensified in the U.S. Reece said previous management has started a company in the waterworks market and has lured away around a quarter of its staff in the past six months. Macquarie estimates that waterworks accounts for 30% of Reece's U.S. revenue. "It is unclear how Reece mitigates the near-term impacts of this in a soft market," says Macquarie, cutting its price target by 17% to A$21.00/share. Reece is down 3.1% at A$18.45 today after falling 13% on Monday. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 24, 2025 19:07 ET (00:07 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。