Here's Why Shares of Xylem Were Underwater Today

Shares of water infrastructure technology company Xylem (NYSE: XYL) were down by almost 5% as of 11:30 a.m. ET today. The decline comes after an analyst rating downgrade to a hold from a buy amid concerns over earnings momentum and valuation. Here's the lowdown.

An analyst at TD Cowen maintained a $138 price target (the stock opened around that price today) but downgraded the rating on the stock. The downgrade notwithstanding, it's been a pretty good year for the water technology sector in general. Badger Meter, Xylem, and Roper Technologies' Neptune dominate the water meters market in the U.S., and the first two are up strongly this year due to unexpected strength in water utility spending on water technology solutions.