Wesco downgraded to Sector Perform at RBC after ‘unsettling’ Q4

As previously reported, RBC Capital analyst Deane Dray downgraded Wesco to Sector Perform from Outperform with a price target of $173, down from $202, following what the firm calls the company’s “unsettling” Q4 operating miss and “disappointing” 2024 guidance that was 13% below consensus. The group is at the tail-end of earnings season and no one else had a shortfall of this magnitude, so Wesco’s stumble “appears far more company-specific than any worrisome new development for the electrical equipment sector and industrials broadly,” the analyst tells investors.