Ferguson price target lowered to $189 from $211 at RBC Capital

RBC Capital lowered the firm’s price target on Ferguson (FERG) to $189 from $211 and keeps an Outperform rating on the shares after its Q2 earnings miss. Volumes have remained solid, supported by share gains and the potential for incremental tariff pricing that could improve pricing dynamics later this year, but the macro backdrop remains precarious, even though deflation should be peaking, the analyst tells investors in a research note. Longer term, Ferguson remains relatively well positioned to navigate near-term choppiness, the firm added.