UPDATE: Citigroup Reduces PT to $68 on WESCO International on Conservative Sector View
Citigroup reiterates its Buy rating on WESCO International (NYSE: WCC)
Citigroup notes, "We are removing WESCO from Top Picks Live! based on our more conservative view of the sector, the company's high beta, and high relative leverage. We believe the combination of these makes the stock more susceptible during a 'risk-off' period. … We are reducing our target premium from 10% to 0% to reflect the risk-off scenario we see transpiring near-term in the sector. As a result of lowering our target premium and reducing the sector target multiple, we are reducing our target price from $81 to $68, implying a 25% ETR."
WCC closed at $54.41 on Wednesday.
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