J.P. Morgan Maintains Overweight on Wesco After 2Q Results

J.P. Morgan has published a report on Wesco

after strong 2Q results. In the report, J.P. Morgan wrote, "2Q results were a solid beat and raise, with fundamental momentum strong and shares recouping much of their recent underperformance. WCC is not immune from macro volatility, though the 2Q results highlight the attractive company-specific story (share gains, margin expansion, M&A) that goes beyond the pure end market leverage. We expect Street numbers to move toward our above-consensus estimates, on which shares look attractive at ~12x 2012E EPS. We remain OW." J.P. Morgan rated Wesco an Overweight with a price target of $66.00. Wesco closed Thursday at $55.40.