Loop Capital analyst Chris Dankert downgraded Grainger (GWW) to Hold from Buy with a price target of $1,000, up from $925. The shares have largely completed their re-rating toward Fastenal (FAST) levels, the analyst tells investors in a research note. Meanwhile, Grainger’s guidance for 2024 is back-half weighted which increases execution risk, while $1B of repurchase activity is already contemplated in the outlook, says Loop.
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