Wolfe Research downgraded Grainger (GWW) to Underperform from Peer Perform with a $966 price target ahead of the Q1 report. The firm sees a “tough set-up” for Grainger, with more risk to the fiscal 2025 outlook from tariffs and Department of Government Efficiency. Wolfe says that while the stock has “traded heavy” in recent weeks, it is “growing increasingly cautious” on Grainger’s fiscal 2025 guidance framework, which it notes embeds no impact for tariffs and likely “pinches margins” to the low-end of the guide.
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