MSC Industrial price target raised to $105 from $97 at KeyBanc

KeyBanc analyst Ken Newman raised the firm’s price target on MSC Industrial to $105 from $97 and keeps an Overweight rating on the shares. The firm walked away from recent meetings with management with renewed confidence in the Overweight thesis, and while near-term cycle visibility remains limited, demand conditions seem stable as management remains confident in its ability to drive 400 bps of IP outgrowth at ~20% incremental margins through the cycle, the analyst tells investors in a research note.