Ferguson initiated with a Peer Perform at Wolfe Research

Wolfe Research initiated coverage of Ferguson (FERG) with a Peer Perform rating. There are still near-term hurdles for Ferguson to overcome before Wolfe can get more bullish, though the firm views this as an attractive story of share gain and consolidation in fragmented end markets, the analyst tells investors in a research note. Wolfe says it does not yet have confidence that the negative revision cycle is over and that there is a catalyst near-term.