RBC Capital raised the firm’s price target on Grainger to $907 from $809 but keeps a Sector Perform rating on the shares. The company reported a modest operating beat in Q4 and issued 2024 guidance metrics that broadly bracketed consensus and its gross margin guidance was nicely above estimates, the analyst tells investors in a research note. RBC warns however that the planned incremental growth investments in marketing and sales force in 2024 should weigh on margins for the first half of the year for the total company.
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- GRAINGER REPORTS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2023
- Grainger sees FY24 daily, organic cc sales growth 4%-7%
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