Wesco price target lowered to $189 from $214 at RBC Capital

RBC Capital lowered the firm’s price target on Wesco to $189 from $214 but keeps an Outperform rating on the shares. The culprit of the company’s outsized earnings miss was an “unprecedented” destocking concentrated in the EES segment, triggered by rapidly normalizing supply chains/lead times, but it has nothing to do with execution, loss of market share, or macro slowing, the analyst tells investors in a research note.