Ferguson price target raised to $155 from $140 at Baird

Baird analyst David Manthey raised the firm’s price target on Ferguson to $155 from $140 and keeps an Outperform rating on the shares. The analyst said Ferguson is his top 2023 idea as he sees good near-term demand in non-residential, residential RMI, and municipal end markets, while bearish new residential construction sentiment could turn as investors look past looming deceleration.