JPMorgan lowered the firm’s price target on Ferguson (FERG) to $190 from $205 and keeps an Overweight rating on the shares. Coming away from a Q2 print that missed again on margins, the firm recently hosted management for a few days of meetings and notes that markets are expected to remain challenged in the near-term. The firm’s lowered target reflects lower estimates as well as a 10% discount to peers, the analyst noted.
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