Core & Main price target lowered to $50 from $56 at Truist

Truist lowered the firm’s price target on Core & Main to $50 from $56 and keeps a Hold rating on the shares. The stock had sold off as much as 20% at one point after the company’s Q1 results and the management’s commentary on the call around rising price competition with smaller distributors, as other distributors have seen deflation continue after an initial leg down, the analyst tells investors in a research note. While Core & Main operates in an attractive industry with limited cyclicality given a balance of municipal, residential and non-residential end markets, credit availability concerns could also limit the stock’s multiple expansion, Truist added.