Wells Fargo lowered the firm’s price target on Ferguson (FERG) to $220 from $232 and keeps an Overweight rating on the shares. The firm agrees with Ferguson’s downward share move. Persistent deflation with SG&A on track to delever by +70bps in Q2/Q3 is tough to underwrite. Valuation support, with upside potential should deflationary pressures ease keep Wells bullish.
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