Wesco price target raised to $195 from $165 at KeyBanc

KeyBanc analyst Steve Barger raised the firm’s price target on Wesco to $195 from $165 and keeps an Overweight rating on the shares. The firm notes shares outperformed following strong Q4 results that beat expectations and newly introduced 2023 guidance above consensus estimates. Wesco continues to benefit from resilient demand and strong execution against its internal cost and cross-sell synergy targets, KeyBanc adds. While outlook is impressive, the firm thinks guide could be modestly conservative as it does not reflect any incremental pricing actions taken in 2023.