Grainger price target raised to $800 from $750 at Loop Capital

Loop Capital analyst Chris Dankert raised the firm’s price target on Grainger to $800 from $750 and keeps a Buy rating on the shares. The company’s earlier and more dramatic improvement in the supply chain backdrop helped vastly improve sourcing and subsequent gross margin performance, fueling its Q1 earnings beat and 2023 guidance raise, the analyst tells investors in a research note. The firm adds that the end demand for Grainger remains solid with April off to a good start.