Monro price target lowered to $20 from $24 at Wells Fargo

Wells Fargo lowered the firm’s price target on Monro (MNRO) to $20 from $24 and keeps an Equal Weight rating on the shares. The firm notes the Q3 shortfall was anticipated, and proof points around initiatives are a plus, but Wells attributes the stock underperformance to gross margins. 2025/2026 Street estimates likely reset lower, and the firm is staying sidelined with macro headwinds/limited visibility.