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Fly News Breaks for November 21, 2019
Nov 21, 2019 | 18:20 EDT
Jefferies analyst Hamzah Mazari initiated select names across the Industrial Distributors sector as part of his broader research note covering the Business Services industry. The analyst has a Buy rating on W.W. Grainger (GWW) with a $377 price target and HD Supply (HDS) with a $48 price target, saying that the medium-size customer scale of the former is underappreciated and that the value of its Zoro business could be "unlocked", while the former looks attractive on a sum of the parts valuation basis and market share gains. Mazari has a Hold rating on Fastenal (FAST) with a $39 price target, MSC Industrial Direct (MSM) with a $78 price target, and Wesco (WCC) with a $60 price target, with respective concerns around their relatively higher SG&A leverage, lack of visibility on cost restructuring efforts, and greater cyclicality that is more levered to project activity.
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