Core & Main price target lowered to $53 from $60 at RBC Capital

RBC Capital lowered the firm’s price target on Core & Main to $53 from $60 and keeps an Outperform rating on the shares. The company’s Q2 results disappointed, but expectations around pricing and gross margins remained unchanged, countering the bear thesis of sustained incremental weakness, the analyst tells investors in a research note. Sequential improvement in gross margins in the second half should be a positive catalyst, and the stock’s selloff should be seen as a buying opportunity in an attractive idiosyncratic long-term growth story, the firm added.