Stifel Raises Price Target on Grainger (GWW) to $224.00 Following Analyst Day
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Stifel reiterated a Hold rating on WW Grainger (NYSE: GWW), and raised the price target to $224.00 (from $210.00), following the company's analyst day. Management noted that 2017 will be a tough year, guiding EPS to $11.30-$12.40 (vs.$12.21 consensus). Stifel remains cautious on GWW given the sluggish/uncertain macro environment and continued gross margin pressures.
Analyst Robert McCarthy commented, "On November 11, 2016 W.W. Grainger hosted a reasonably well attended (100+ buy/sell side) Analyst Day today at its headquarters in Chicago, IL. CEO DG Macpherson highlighted the continued struggles of weak growth, little current inflation, and increased price discovery. CEO Macpherson’s priorities will be (1) creating a unique value for a broad set of customers; (2) improved customer experience (simplified pricing particularly spot buy), better digital experience); and (3) improved financial performance (operating earnings driven by stable gross margins, SG&A leverage, strong FCF growth)."
Shares of WW Grainger closed at $226.58 yesterday.
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