Citi downgraded Core & Main to Neutral from Buy with a price target of $64, up from $63. The analyst cites valuation for the downgrade following the stock’s 43% rally year-to-date. The firm sees the company’s positives of strong underlying industry volume, outgrowth initiatives, acquisition execution as offset by the stock’s fair valuation, with upside from Infrastructure Investment and Jobs Act spending largely priced into the stock.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CNM:
- Core & Main to acquire EGW Utilities, terms not disclosed
- Core & Main price target raised to $60 from $59 at RBC Capital
- Core & Main price target raised to $64 from $58 at Loop Capital
- Core & Main price target raised to $38 from $33 at BofA
- Core & Main price target raised to $65 from $49 at Barclays
