Truist analyst Keith Hughes raised the firm’s price target on Ferguson to $197 from $190 and keeps a Buy rating on the shares. Ferguson saw a revenue beat and a gain from a clawing back of the disappointment of not being added to S&P 500 in the recent reshuffle, the analyst tells investors in a research note. Truist believes the stock will be an outperformer in 2024 as the magnitude of the non-residential downturn shows its limitations, coupled with some residential strength.
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