MRC Global price target lowered to $17 from $18 at Loop Capital

Loop Capital lowered the firm’s price target on MRC Global (MRC) to $17 from $18 but keeps a Buy rating on the shares. The firm’s reduced price target reflects a more risk-off environment, though the company has also pulled a number of key levers in recent months including the accretive repurchase of its preferred shares, announcing the divestiture of its Canadian business, and the authorization of a $125M share repurchase program, the analyst tells investors in a research note. Aided by rebounding demand and share capture efforts in key markets and new opportunities, MRC appears poised to deliver rebounding organic sales growth into 2025 and beyond, the firm adds.