Analysts Bump Up W W Grainger Price Target After Strong Q3 Results

Oppenheimer analyst Christopher Glynn raised the price target on W W Grainger Inc GWW to $535 (an upside of 14%) from $500 and maintained an Outperform rating on the shares.
The analyst notes Grainger delivered above normal seasonality, buoyed by core non-pandemic sales +22% year-over-year versus (8%) comparison and broad strength across customer demographics.
Baird analyst David Manthey raised the price target to $525 from $500 and maintained an Outperform rating on the shares.
Manthey likes the setup given the company's scale, inventory depth, relationship with suppliers, and local market presence, which should translate to continued enhanced market share gains. The margin trajectory looks positive, and earnings should have upside vs. consensus, driving outperformance from here.
RBC Capital analyst Deane Dray raised the price target to $391 (a downside of 16%) from $378 and maintained an Underperform rating on the shares
Morgan Stanley raised the price target to $510 (an upside of 9%) from $492 and maintained an Equal-Weight rating on the shares.
Related Content: W W Grainger Stock Surges As Q3 Earnings Top Estimates
Price Action: GWW shares are trading higher by 1.08% at $468.11 on the last check Monday.