J.P. Morgan starts coverage on water tech firm Xylem with "overweight"

Brokerage J.P. Morgan starts coverage on water technology firm Xylem XYL.N with "overweight" rating and a PT $148

PT represents a 15.1% upside to the stock's last close

Brokerage says Xylem is a good long-term investment for those interested in sustainability and industrial growth

The company has a strong foundation for growth, driven by key initiatives such as simplifying its operations, tackling pressing environmental issues like water pollution, and building on its recent acquisition of Evoqua, says J.P. Morgan

Brokerage thinks Xylem is also well-equipped to weather economic storms, due to its diverse customer base, stable revenue streams, and ability to navigate trade challenges

As of last close, XYL stock up 8.3% YTD