Ferguson bullish Fresh Pick designation removed at Baird

Baird analyst David Manthey rolled back his bullish Fresh Pick designation for Ferguson after his additional investigation found that S&P will not consider the company’s LSE volumes when applying the liquidity test for inclusion in the S&P 500 index. He admitted therefore that his view that index inclusion could be a near-term catalyst was incorrect by at least 90 days and thus removed his Fresh Pick designation. Manthey maintains his Outperform rating and $140 price target on Ferguson shares.