Ferguson price target raised to $190 from $180 at Truist

Truist analyst Keith Hughes raised the firm’s price target on Ferguson to $190 from $180 and keeps a Buy rating on the shares. Interest rate increases have investors again questioning the housing/renovation cycle, but while future rate moves and their impacts remain the most important variable, there’s a chance for Ferguson to outperform its peer group, the analyst tells investors in a research note. The company provides exposure to less cyclical products – plumbing and HVAC – and its non-residential business is very diverse, the firm states, also noting that Ferguson has a long history outperforming markets organically, which could be very important if more pressure is seen.