Encore Wire price target lowered to $240 from $250 at DA Davidson

DA Davidson lowered the firm’s price target on Encore Wire to $240 from $250 after its Q2 earnings miss but keeps a Buy rating on the shares. It is prudent to incorporate some further average sales price moderation in the second half considering first-half trends, but the stock’s current valuation is “very compelling” with attractive medium and long-term exposure to electrification and copper themes, the analyst tells investors in a research note.