Loop Capital upgraded MSC Industrial to Buy from Hold with a price target of $124, up from $96. The firm’s latest industrial distribution checks indicate that September sales were stronger than expected. Supported by this higher starting point and easier organic comps, MSC will likely provide above-consensus sales growth guidance for fiscal 2024, the analyst tells investors in a research note. Meanwhile, Loop anticipates the company will announce a “Mission Critical 2.0” program that will provide additional cost savings. It also sees MSC’s pending Class-B share conversion as a positive catalyst that should support more accretive cash deployment as well as a more favorable valuation multiple.
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- MSC Industrial upgraded to Buy from Hold at Loop Capital
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- MSC INDUSTRIAL SUPPLY CO. ANNOUNCES SHAREHOLDER APPROVAL OF PREVIOUSLY ANNOUNCED PLAN TO ELIMINATE DUAL CLASS STRUCTURE
- MSC Industrial management to meet with Loop Capital