KeyBanc lowered the firm’s price target on Wesco to $185 from $210 and keeps an Overweight rating on the shares following the Q2 miss and lowered guidance. Further destocking activity could pose risks to out-year consensus estimates, but KeyBanc is cautiously optimistic that impacts from inventory adjustments will normalize in Q4 and thinks Wesco’s strong project-oriented demand visibility should support out-year revenue growth and margin expansion, the analyst tells investors in a research note.
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Read More on WCC:
- Wesco falls -18.9%
- Wesco tracking well toward 2023 cost synergy target of $315M
- Wesco reports preliminary workday adjusted July sales up 3% y/y
- Wesco lowers FY23 revenue view to up 5%-7% from 6%-9%, consensus $21.01B
- Wesco reports Q2 adjusted EPS $3.71, consensus $4.05
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