Jefferies downgraded Grainger to Hold from Buy with an unchanged price target of $825. The industrial economy powered through 2023 with strong earnings and solid order trends, but for 2024, “multiples may prove more important than earnings,” says the analyst. Grainger has executed on strong growth and margin expansion and “gotten paid in multiple expansion,” the analyst tells investors.
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Read More on GWW:
- Grainger Announces Agreement to Sell E&R Industrial Sales, Inc.
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- Grainger price target lowered to $800 from $880 at Loop Capital
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