W.W. Grainger falls after Baird downgrades rating to 'neutral', cuts PT

WW Grainger

29/05/2024 16:38

** Industrial parts distributor W.W. Grainger's shares  GWW.N 
fall 3.6% to $905.50
    ** Robert W. Baird downgrades rating to "neutral" from
"outperform"
    ** Cuts PT to $975 from $1,000, representing a ~4 upside to
the stock's last close
    ** Sees near-term risk/reward for distributors skewing
negatively, "with valuations above median, seasonality about to
turn unfavorable, and guidance ranges very back-half weighted"
    ** Also downgrades peers MSC Industrial Direct  MSM.N  and
WESCO International  WCC.N  to "neutral" from "outperform"
    ** MSM falls 1% to $85.33, and WCC down 4.5% at 175.25
    ** YTD; GWW down 9.6%, MSM down 15.7% and WCC up 2.5%

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))