Ferguson price target raised to $217 from $202 at RBC Capital

RBC Capital raised the firm’s price target on Ferguson to $217 from $202 and keeps an Outperform rating on the shares. The company maintained its FY24 guidance despite a Q2 miss on sales, which was attributed partly to weather and also to continued residential RMI – repair, maintenance and improvement – softness, the analyst tells investors in a research note. RBC adds however that the selloff is providing a better entry point against this backdrop, with long-term value creation opportunity for the stock “remaining attractive”.