Ferguson price target raised to $219 from $211 at RBC Capital

RBC Capital analyst Mike Dahl raised the firm’s price target on Ferguson to $219 from $211 and keeps an Outperform rating on the shares after its Q4 results. The firm believes that an upward operating profit inflection is in sight for the company, though likely not until FY5 given the current choppy end markets and lingering deflation, the analyst tells investors in a research note. RBC adds however that while it expect subdued organic growth to persist in the near term, Ferguson’s new FY25 guide level-sets what the firm had previously viewed as “overly optimistic” Street consensus.