Barclays initiated coverage of Hawkins with an Equal Weight rating and $170 price target. The firm sees a "bifurcating setup" in water technology and favor names with exposure to non-residential construction. It sees risk of decelerating growth for utility exposed business models. Hawkins offers exposure to recurring water treatment demand and a "sticky" route- based model, but the stock's risk/reward is balanced, the analyst tells investors in a research note.
