Wesco price target raised to $240 from $210 at KeyBanc

KeyBanc analyst Ken Newman raised the firm’s price target on Wesco (WCC) to $240 from $210 and keeps an Overweight rating on the shares. The firm notes the company reported Q2 results that beat on revenue, but slightly missed margin expectations, mainly driven by unfavorable mix from larger projects, including hyperscale data centers. Wesco continues to drive solid momentum within its data center business, with sales up 65% year-over-year. KeyBanc is particularly encouraged by stronger growth from the gray space portion of projects, with sales up over 90% year-over-year.