Wesco price target lowered to $165 from $185 at KeyBanc

KeyBanc lowered the firm’s price target on Wesco to $165 from $185 and keeps an Overweight rating on the shares. The firm acknowledges that there was little to like from Wesco’s “disappointing” Q4 results, which included persistent weakness in the company’s stock-and-flow demand, delayed shipments for select customer project orders in backlog, and disappointing free cash flow conversion as payables weren’t able to flex with the concurrent volume declines, among others. While KeyBanc is lowering its estimates to reflect the disappointing results and guide, the firm thinks the 30%-plus decline in shares seems overdone.