MSC Industrial price target lowered to $74 from $83 at Loop Capital

Loop Capital lowered the firm’s price target on MSC Industrial (MSM) to $74 from $83 and keeps a Hold rating on the shares. The company’s Q2 edged ahead of consensus expectations as efficiency gains more than offset soft sales in the quarter, and the management’s Q3 guidance appears “achievable to somewhat conservative”, the analyst tells investors in a research note. Loop adds however that its reduced price target reflects modestly lower estimates and the highly uncertain macro backdrop.