Baird raised the firm’s price target on Core & Main to $38 from $34 and keeps an Outperform rating on the shares. The frm noted july-quarter EBITDA beat all Street estimates due to significant gross margin upside on revenues that were in line with consensus. Baird said it remains their top idea with significant re-rating potential, share gain opportunities in a fragmented market, margin expansion potential, and benefits from IIJA/pent-up water infrastructure demand.
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