Core & Main’s end market fundamentals remain healthy, says Loop Capital

Loop Capital keeps a Buy rating and $64 price target on Core & Main after its Q1 results and narrowed guidance with higher mid-point on EBITDA and revenue. The company reported a healthy beat and continues to expect low-single-digit organic volume growth in FY24 as its end market demand fundamentals remain healthy, the analyst tells investors in a research note. Core & Main’s residential demand also returned positive vs. last year, benefiting from accelerating new lot development, its non-residential has seen outsized growth in large project activity, and its municipal end market continues to see steady growth, the firm added.