W W Grainger Price Target Raised By Multiple Analysts Post Q2 Results - W.W. Grainger (NYSE:GWW)

RBC Capital analyst Deane Dray raised the price target on W W Grainger Inc 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 FAST reported earlier this earnings season.
Related: Fastenal 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.

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