SiteOne Landscape price target raised to $155 from $140 at Loop Capital

Loop Capital analyst Jeffrey Stevenson raised the firm’s price target on SiteOne Landscape to $155 from $140 but keeps a Hold rating on the shares after the recent run in shares. The company’s lower than expected guidance was offset by a resilient sales outlook despite a slowing residential environment, the analyst tells investors in a research note. The firm further notes that new commercial and major R&R are expected to see flat to modest growth in 2023 as bidding activity and backlogs remain healthy, while SiteOne’s maintenance segment has historically seen steady growth during the past downturns.