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Reliance Worldwide Corporation share price falls on broker downgrade

After hitting a 52-week high yesterday, the Reliance Worldwide Corporation Aus P Ltd (ASX: RWC) share price has tumbled sharply during trade today.

In afternoon trade the shares of the global provider of water control systems and plumbing solutions are down 5% to $3.44.

The catalyst for today’s decline is likely to be a research note out of Deutsche Bank this morning.

Analysts at the investment bank have downgraded the company’s shares to a sell rating with a $3.06 price target.

According to the note Deutsche believes the outlook for housing starts in Australia over the next few years is rather subdued. As a result, it expects demand for Reliance Worldwide’s products could lessen.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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