Core & Main price target lowered to $52 from $64 at Loop Capital

Loop Capital analyst Jeffrey Stevenson lowered the firm’s price target on Core & Main to $52 from $64 and keeps a Buy rating on the shares after its Q2 earnings miss. The company’s organic volumes were negatively impacted by adverse weather and slowing end-market demand fundamentals where the company experienced municipal project delays at the local level and began to see a deceleration in new lot development from the slowdown in single-family housing starts, the analyst tells investors in a research note. While the company experienced some sequential improvement in August volumes from pent-up weather demand, it expects a portion of end-market demand will be pushed out into FY25 due to labor constraints and ongoing project delays, the firm added.