MSC Industrial price target lowered to $102 from $105 at KeyBanc

KeyBanc lowered the firm’s price target on MSC Industrial to $102 from $105 and keeps an Overweight rating on the shares. The firm notes MSC shares underperformed following its Q1 miss vs. consensus driven by weaker revenues and margins that started in the back half of October and accelerated through calendar year-end. Ongoing effects from the UAW strike also impacted results as customers within the company’s auto end markets were slow to resume spending after the strike resolution. Despite this near-term weakness, MSC maintained its full year 2024 guide, which assumes demand rebounds in the second half of the year and price/cost headwinds subside, KeyBanc adds.