Truist analyst Keith Hughes raised the firm’s price target on Ferguson to $180 from $167 and keeps a Buy rating on the shares after its Q4 earnings beat and outlook. The management’s views of the market call for continued weak trends in residential RMI in the first half of FY24, with better demand in the second half coupled with the opposite trend in commercial, the analyst tells investors in a research note. Truist adds however that the stock may need a few more quarters to relieve investors fears of their non-residential exposure.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on FERG:
- Ferguson price target raised to $177 from $159 at RBC Capital
- Ferguson price target raised to $180 from $172 at Baird
- Options Volatility and Implied Earnings Moves Today, September 26, 2023
- Ferguson sees FY24 revenue broadly flat, consensus $29.41B
- Ferguson reports Q4 adjusted EPS $2.77, consensus $2.46