Reece downgraded to Hold

With stock in short supply, Reece shares have been on a bit of a run since our upgrade. It's time to Hold.

We upgraded Reece last week in Reece: Three reasons. As mentioned in that review, stock can be hard to come by, and buying pressure can force the price up. While Reece is a wonderful business, we’re not prepared to chase it above our Buy price. We’re hopeful of another opportunity but until then we’re downgrading to HOLD.