Wesco initiated with an Overweight at Barclays

Barclays initiated coverage of Wesco (WCC) with an Overweight rating and $258 price target The firm is positive on the company’s mix of growth, long-cycle and cyclical short-cycle end-markets, including datacenters, electric utilities and industrial automation/IoT, the analyst tells investors in a research note. Wesco’s digitalization investments discussed at the 2024 and 2022 investor days are in now in their fifth year and are well advanced, the firm notes, adding that longer term, it also believes that Wesco’s new digital platform sets the company up for a potentially far larger investment in industrial automation of distribution centers.