Core & Main price target lowered to $53 from $64 at Citi

Citi analyst Anthony Pettinari lowered the firm’s price target on Core & Main to $53 from $64 and keeps a Neutral rating on the shares. The stock dropped 14% despite a modest Q1 “beat and raise,” as Core & Main lowered its price guidance for fiscal 2024 from flat year-over-year to “slight deflation” with increased competitive pressure expected to drive a sequential gross margin headwind, the analyst tells investors in a research note. The firm says investors may view incrementally softer pricing expectations as a signal that after a robust few years, the price cycle is turning.