Wesco price target lowered to $185 from $210 at KeyBanc

KeyBanc lowered the firm’s price target on Wesco to $185 from $210 and keeps an Overweight rating on the shares following the Q2 miss and lowered guidance. Further destocking activity could pose risks to out-year consensus estimates, but KeyBanc is cautiously optimistic that impacts from inventory adjustments will normalize in Q4 and thinks Wesco’s strong project-oriented demand visibility should support out-year revenue growth and margin expansion, the analyst tells investors in a research note.