Loop Capital lowered the firm’s price target on Grainger to $800 from $880 but keeps a Buy rating on the shares. The company’s Q3 results topped estimates on favorable mix within the High-Touch segment and subsequent gross margin outperformance, though heading into 2024, the firm sees mid-single-digit sales growth on a tougher gross margin setup given softer price/cost dynamics, the analyst tells investors in a research note.
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Read More on GWW:
- Grainger price target raised to $800 from $793 at RBC Capital
- GRAINGER REPORTS RESULTS FOR THE THIRD QUARTER 2023
- Grainger narrows FY23 daily sales growth view to 8.5%-9.5% from 8.5%-11%
- Grainger narrows FY23 EPS view to $36.00-$36.60 from $35.00-$36.75
- Grainger reports Q3 EPS $9.43, consensus $8.93
