RWC - Morgans rates the stock as Hold
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Morgans investigates the competitive threat posed by Apollo Tectite, which has replaced the company's SharkBite PTC fittings in Home Depot stores in the north west of the US.
The broker found no plumbing representatives consulted spoke ill of Apollo Tectite. While Reliance dominates the market in brass PTC fittings Morgans believes the ongoing relationship with Home Depot, its largest customer, is a key risk.
Hold rating and $3.60 target retained.
Sector: Capital Goods.
Target price is $3.60.Current Price is $3.72. Difference: ($0.12) - (brackets indicate current price is over target). If RWC meets the Morgans target it will return approximately -3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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