Xylem (XYL) PT Raised to $132 at Deutsche Bank, 'Checking All the Boxes'

Deutsche Bank analyst Andy Krill raised the price target on Xylem (NYSE: XYL) to $132.00 (from $131.00) while maintaining a Buy rating.

The analyst comments "DB's View: Buy-rated Xylem checked all of the key boxes in 4Q23 to drive a positive stock reaction (outperformed peers by ~5pp): modest 4Q EBITDA beat, better than expected organic orders up 10%, 1Q24 guidance that bracketed expectations and avoids a back-end-weighted setup, and 2024 guidance that was slightly ahead of consensus. Further, there appears to be plenty of conservatism in the 2024 guide, which should allow for positive estimate revisions as the year progresses. All eyes are on the May analyst meeting, and we expect a positive update on Evoqua cost and revenue synergies, as well as 80/20 margin improvement opportunities. With valuation still attractive, we reiterate our Buy rating."

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