Core & Main price target lowered to $52 from $54 at JPMorgan

JPMorgan lowered the firm’s price target on Core & Main (CNM) to $52 from $54 and keeps an Overweight rating on the shares. Recent news of a proposed class action alleging price collusion against PVC pipe manufacturers is a negative for sentiment at related distributors, the analyst tells investors in a research note. The firm says Core & Main and Ferguson (FERG) comprise close to 40% of the U.S. waterworks distribution industry, split roughly equally between them. The related sliver of the market the lawsuit represents has been described as $3.3 B in revenue in 2022, yielding 10% of sales for Core & Main, JPMorgan adds.