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)
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