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.
But it isn't all doom and gloom on the share market today. Three shares which brokers are bullish on and have given buy ratings are listed here.
