Credit Suisse raised the firm’s price target on Core & Main to $33 from $28 and keeps an Outperform rating on the shares. The firm notes Core & Main’s stock traded off nearly 8% after beating second quarter consensus EBITDA by 8% and raising by $25M at the midpoint to $850M-$880M. The beat and raise reflects better-than-expected gross margin performance tied to benefits from prior inventory investment as well as help from structural margin improvement initiatives.
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Read More on CNM:
- Core & Main (NYSE:CNM) Stock Down on Weak Q2 Results, Guidance Trim
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- Core & Main reports Q2 EPS 66c, consensus 68c
- Core & Main, Inc. Class A (CNM) Q2 Earnings Cheat Sheet
- Core & Main price target raised to $38 from $33 at Loop Capital