RBC Capital raised the firm’s price target on Core & Main to $38 from $34 and keeps an Outperform rating on the shares ahead of its Q3 results next week. The firm is raising its FY23 and FY24 adjusted EBITDA estimates by 4% and 6% following the company’s November 6th pre-announcement and also accounting for incremental M&A. RBC adds that it continues to view Core & Mainas one of the more compelling medium to long-term stories in its coverage, with potential upside well beyond its price target over the next several years.
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