Grainger downgraded to Neutral from Buy at UBS

UBS analyst Chris Snyder downgraded Grainger to Neutral from Buy with a price target of $820, up from $815. The analyst no longer sees “low-risk” earnings upside and thinks the recent re-rating now gives the equity credit for a sustained higher level of market outgrowth. Easing price contribution will make it harder for Grainger to leverage growth investments, resulting in flat-lining margin into 2024, the analyst tells investors in a research note.