Best known for its iconic ‘SharkBite’ Push-To-Connect (PTC) fittings, Reliance Worldwide (RWC) is a major figure in the North American, UK and Australian plumbing markets. RWC has rallied over +40% year to date, although unrelated it looks very similar to the likes of Xero (XRO) and the NASDAQ on the charts. The company delivered its 3Q’23 earnings report in April which showed both sales and margin are trending upwards which, when combined with RWC’s more defensive exposure, is viewed by many as positive.
- We can see RWC testing the $4.60 area in 2023 but ideally from a risk/reward perspective we would be looking for a 20-30c dip for optimum entry.
MM is neutral to bullish on RWC
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