As previously reported, Wells Fargo analyst Michael McGinn downgraded Wesco International to Market Perform from Outperform and lowered his price target on the shares to $45 from $60 as he transfers coverage of Industrial Distribution. While the company is more balanced following the additions of utility, datacomm and lighting solutions, the analyst still views shares and earnings as largely tied to the performance of the industrial and construction cycle, especially when considering the mix-enriching characteristics of the industrial business. Further, McGinn notes that he cannot ignore the continued declines in both gross and operating margins, as electrical lighting products continue to face incremental pressure from foreign-sourced competition.