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.
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