Oppenheimer analyst Scott Schneeberger raised the firm’s price target on Ferguson (FERG) to $255 from $235 and keeps an Outperform rating on the shares. The firm notes that Ferguson’s Q4 revenue/adjusted operating profit grew 6.9%/13.4% year-over-year, respectively, exceeding its estimates/consensus. Ferguson appeared to gain share in both its residential/non-residential end-markets. Non-residential waterworks projects saw solid Q4 demand with strong growth in commercial and civil/infrastructure, Oppenheimer adds. Solid bidding and shipment activity on large capital projects continued.
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