Ferguson downgraded to Underperform from Neutral at BofA

BofA analyst Arnaud Lehmann downgraded Ferguson to Underperform from Neutral with a price target of $138, down from $160. U.S. residential demand, which accounts for more than half of group sales, could be at risk of a “double dip next” year, while U.S. non-residential construction could also turn softer and the firm sees some downside risks to pricing, the analyst tells investors. The firm, which has reduced its FY24/25 EPS estimates by about 9%, now stands about 9% below consensus, the analyst noted.