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.
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