Core & Main price target lowered to $38 from $50 at Truist

Truist lowered the firm’s price target on Core & Main to $38 from $50 and keeps a Hold rating on the shares after its Q2 earnings miss. Weather played a role in the results, but the majority of the cut is on weaker end-user markets across the board, and the weakness in the stock over the last few weeks indicates investors expect more potential earnings cuts, the analyst tells investors in a research note. Truist further notes that the weakness in municipal markets, Core & Main’s largest exposure, is “very unusual” outside general recessions.