SiteOne Landscape downgraded to Market Perform from Outperform at William Blair

William Blair analyst Ryan Merkel downgraded SiteOne Landscape (SITE) to Market Perform from Outperform without a price target The firm sees ongoing higher interest rates and weak consumer confidence delaying the recovery in new residential construction and major landscaping renovations, which represent 65% of SiteOne’s sales. The shares will be range-bound until lower interest rates improve construction and housing turnover, the analyst tells investors in a research note.