** Shares of air conditioning, heating and refrigeration equipment supplier Watsco Inc WSO.N fall ~2% to $346.12, hitting a three-week low
** JP Morgan cuts price target on WSO to $350 from $360, reflecting co's Q3 results
** While WSO's results underperformed vs the industry late in the cycle, its relative performance on growth and margins improved in 2020-22 - JPM
** Says co's increased tech/SGA spending differentiated it vs smaller peers in an increasingly digital world, and likely remains a source of strength
** Co on Thursday posted Q3 EPS of $4.35, vs analyst estimates of $4.29; it also beat revenue estimates - LSEG data
** Three of 15 brokerages rate the stock "buy" or higher, eleven "hold" and one "sell" or lower; their median PT is $360
** Up to Thursday's close, stock had risen ~40% YTD
(Reporting by Aatreyee Dasgupta)