Ferguson price target raised to $180 from $172 at Baird

Baird analyst David Manthey raised the firm’s price target on Ferguson to $180 from $172 and keeps an Outperform rating on the shares. The firm said the July-quarter results and initial F2024 guidance were both above expectations, and while revenue growth deceleration and margin normalization is ongoing, the pace/cadence is tracking exactly as guidance/Baird estimates have long contemplated.