Analysts raise Core & Main PTs on non-residential project boost

Carnegie Clean Energy

14/09/2022 17:04

** Shares of Core & Main  CNM.N  up 1% at $25.38 after
analysts raise PT on the company following upbeat Q2 results
    ** CNM during its earnings conf call said it was seeing
weakness in residential development projects due to uncertain
economic environment and fewer housing starts
    ** Truist  Securities notes company is seeing boost from
non-residential and municipal projects as well as pricing
strength; raises its 2022 EBITDA estimate for co and hikes PT to
$28 from $25
    ** Credit Suisse says residential lot development may suffer
in the short term based on Fed's interest rate hikes but is
optimistic about demand for CNM's storm drainage products;
raises PT to $32 from $29
    ** BofA says that while U.S infrastructure funds as
potential tailwind to growth in FY23, raises PT to $31 from $28
    ** However, brokerage maintains its "underperform" rating,
noting slowdown in demand in some geographies
    ** Citigroup and J.P. Morgan also raise PTs
    ** YTD, stock has fallen 15.8%

 (Reporting by Shristi Achar A in Bengaluru)