UPDATE: Wunderlich Securities Initiates Hold, PT of $64 on WESCO International; 2H12 Slowdown on Macro
Wunderlich Securities initiates its coverage on WESCO International (NYSE: WCC) with Hold rating and a price target of $64 per share.
Wunderlich Securities notes, "Our Hold rating is driven by a below-consensus 2012 EPS view largely resulting from revenue growth 80-90 bps slower than Street projections. We believe near-term macro factors could present 2H12 challenges given the emergence of slowing business spending over the past five to six months. During the past nine quarters, Wesco has exceeded EPS estimates by $0.08 on average. Longer term, we are attracted to Wesco's acquisition approach and subsequent integration of these deals; the company's strong business franchises, particularly within integrated supply; a favorable endmarket outlook beyond 2012; and attractive relative valuation."
WCC closed at $61.82 on Thursday.
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