Oppenheimer Downgrades WESCO International (WCC) to Perform
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Oppenheimer downgraded WESCO International (NYSE: WCC) from Outperform to Perform.
Analyst Christopher Glynn commented, "We are downgrading shares of WCC to Perform from Outperform with share price nearing our prior $65 PT. WCC guidance rigor has improved, with SG&A controls and improved GM performance aiding visibility to 2017 expectations. However, with a stagnant macro and shares trading at 16x our '17E EPS (~0.9x vs. S&P 500 Industrials; ~0.85x ten-year average), we believe expectations and valuation in balance. GM performance appears stabilized, with flat y-o-y performance in 2Q reflecting broad-based supplier sourcing and inventory management strategies offsetting -50 bps price, and representing improvement from recent trend of decline (19.9% in 2015, vs. 20.6% in 2013). SG&A comparisons appear tougher into 3Q, as aggressive cost controls start to lap."
Shares of WESCO International closed at $62.93 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades Boston Properties Inc. (BXP) to Hold
- UPDATE: Stifel Upgrades Highwoods Properties Inc. (HIW) to Buy
- Jefferies Raises Price Target on Planet Fitness (PLNT) Following Solid 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesStandard & Poor's
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!