Core & Main price target raised to $26 from $24 at RBC Capital

RBC Capital analyst Mike Dahl raised the firm’s price target on Core & Main to $26 from $24 and keeps an Outperform rating on the shares. The company continues to retain strong pricing and margin as carryover tailwinds flow through to the first half of the year, with gross margins still expected to normalize as FY23 progresses, the analyst tells investors in a research note. RBC adds that the water infrastructure tailwinds should also provide relative resiliency against a weaker residential business backdrop and non-residential risks,