Ferguson price target lowered to $200 from $230 at Truist

Truist lowered the firm’s price target on Ferguson (FERG) to $200 from $230 and keeps a Buy rating on the shares. The stock is down 5% intraday on Q2 EBIT margin coming in below Wall Street estimates, as commodity deflation had an even greater impact ton results than past periods, along with negative mix, the analyst tells investors in a research note. The firm added that it remains Buy rated on the shares as it believes steel tariffs will finally stamp out deflation near-term, but cut its price target as uncertainty on macro economic demand continues to push down stocks.