Ferguson initiated with an Overweight at JPMorgan

JPMorgan analyst Patrick Baumann initiated coverage of Ferguson with an Overweight rating and $150 price target. The analyst acknowledges the potential for "choppy results" this year and into fiscal 2024 but has a positive view on the company and sees the stock’s relative valuation as "reasonable." Ferguson is one of the biggest and most diverse distributors in North America with a proven ability to outperform its markets, the analyst tells investors in a research note. The firm says the stock is valued at a 10%-15% discount to distributor peers.