Barclays lowered the firm’s price target on Ferguson (FERG) to $234 from $245 and keeps an Overweight rating on the shares. The company’s Q1 margin shortfall is tied to higher spending, with slight end market growth and continued modest deflation. Ferguson is rightly investing for the future, but its near-term margins may now drift to the low end of guidance, the analyst tells investors in a research note.
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