Truist analyst Keith Hughes raised the firm’s price target on Ferguson to $138 from $130 and keeps a Buy rating on the shares. The analyst cites the company’s Q1 earnings beat with maintained FY23 guidance, though he notes that its operating environment "remains uncertain" in many of its markets. Hughes adds that he is still positive on the stock given its "more limited cyclicality" and based on its longer term revaluation potential.
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Read More on FERG:
- Ferguson price target raised to 9,890 GBp from 9,500 GBp at Morgan Stanley
- Ferguson price target raised to $155 from $140 at Baird
- Ferguson backs FY23 guidance for net sales growth of low single digits
- Ferguson reports Q1 adjusted EPS $2.95, consensus $2.78
- Ferguson price target lowered to 9,630 GBp from 9,960 GBp at Deutsche Bank