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W W Grainger Price Target Raised By Multiple Analysts Post Q2 Results

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  • RBC Capital analyst Deane Dray raised the price target on W W Grainger Inc (NYSE: GWW) to $422 (a downside of 23.06%) from $399 while maintaining the Underperform rating on the shares.

  • The analyst says that Grainger's outsized 70c/10% 2Q22 operating beat and guidance boost 6% above consensus signals that industrial short-cycle MRO demand remains solid.

  • There were no telltale signs of an industrial slowdown in this "canary in the coalmine" bellwether, and July was equally as strong, Dray adds.

  • Dray mentions that MRO share gains were also impressive, as Grainger outgrew peers by 1,000 bps.

  • Related: W W Grainger Shares Soar On Solid Q2, Raised FY22 Guidance

  • Stephens analyst Tommy Moll raised the price target on GWW to $600 (an upside of 9.4%) from $565 while maintaining the Equal-Weight rating on the shares.

  • The analyst says the segment-level updates were positive, with High-Touch gross margins down slightly Q/Q but still in the target ~40% range.

  • Moll states that GWW signaled strong demand trends through July, which we note is better than what peer Fastenal Co (NASDAQ: FAST) reported earlier this earnings season.

  • RelatedFastenal Shares Slide After Q2 Results, Clocks 18% Sales Growth

  • GWW's execution around the supply chain continued to drive share gains in 2Q22, and focus on go-to-market strategy/strategic initiatives leaves upside untapped, the analyst notes.

  • Moll expects shares of GWW to trade range-bound medium- to long-term given the fact that shares sit at all-time highs given the macro backdrop.

  • Baird analyst David Manthey raised the price target for GWW to $600 (an upside of 9.4%) from $505 while maintaining the Outperform rating on the shares.

  • Morgan Stanley analyst Joshua Pokrzywinski raised the price target for GWW to $448 (a downside of 18.3%) from $421 while maintaining the Underweight rating on the shares.

  • Price Action: GWW shares closed higher by 1.12% at $549.60 on Monday.

Latest Ratings for GWW

Date

Firm

Action

From

To

Feb 2022

Morgan Stanley

Maintains

Equal-Weight

Feb 2022

Oppenheimer

Maintains

Outperform

Jan 2022

Morgan Stanley

Maintains

Equal-Weight

View More Analyst Ratings for GWW

View the Latest Analyst Ratings

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