Ferguson downgraded to Hold at Societe Generale as coverage transferred

Societe Generale downgraded Ferguson to Hold from Buy with a price target of 12,494 GBp, down from 14,500 GBp, after taking over coverage of the stock. While noting that Ferguson has "consistently outperformed its underlying markets over the past few years," the firm is concerned that "acute" headwinds in the new and existing homes market could spill over to renovation activity in the near-term.