Core & Main Price Target Raised to $26 at RBC Capital
<p>RBC Capital analysts raised their price target on <a href='https://financialmodelingprep.com/financial-summary/CNM'>Core & Main, Inc. (NYSE:CNM)</a> to $26 from $24 while reiterating their Outperform rating.</p>
<p>The analysts raised their 2023 adjusted EBITDA estimate to $810 million from $779 million, in line with the new $785-$865 million guide, while their 2024 EBITDA estimate rises more meaningfully to $750 million from $621 million. These increases were driven by less severe price decline assumptions as pricing remains sticky at elevated levels for most products even as volume has softened. </p>
<p>According to the analysts, the company continues to retain strong pricing and margin as carryover tailwinds flow through H1/23, with gross margin still expected to normalize as 2023 progresses. </p>

NYSE:CNM