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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。