SiteOne Landscape upgraded to Buy at Jefferies or share gain potential

Jefferies upgraded SiteOne Landscape (SITE) to Buy from Hold with a price target of $175, up from $145, as part of a broader research note previewing 2025 for the Machinery and Industrial sector. Approaching 2025, the landscape has changed as the markets have turned more bullish on industrial trends, and with valuations near the high end of historical highs, the firm is forced to be “increasingly selective”, the analyst tells investors in a research note. The company is a sole nationwide distributor of residential landscaping-related supplies, and with 10% market share, it is 4-times the size of its next competitor, the firm notes, adding that economies of scale in purchasing and better customer fulfillment relative to smaller regional and local distributors allow SiteOne to gain share organically and inorganically.