Wesco price target raised to $189 from $170 at Baird

Baird analyst David Manthey raised the firm’s price target on Wesco to $189 from $170 and keeps a Neutral rating on the shares. The analyst said while we raised estimates, we remain well below the range as we believe gross/operating margin will normalize while guidance calls for expansion. Should this occur and the shares pull back on resetting expectations, we’d look to turn more positive given our overall favorable view of the cycle and Wesco’s secular growth drivers.