Bernstein Reiterates Outperform Rating on Ferguson Plc. (FERG)

Bernstein SocGen Group analyst Connor Cerniglia reiterated an Outperform rating and $310.00 price target on Ferguson Plc. (NYSE: FERG).

The analyst commented: "Proximity ready to pay off as data center projects ramp; Today’s analysis evaluates Ferguson’s ability to support upcoming data center construction by comparing its roughly 1,200 US store footprint with Aterio’s North America Data Center Dataset, using latitude and longitude data for more than 2,100 planned facilities. Ferguson’s store footprint positions it to win, with roughly 75% of planned data center builds occurring within 30 miles of a Ferguson store. Expanding it to a 60-mile radius Ferguson has a store within 90% of all planned data center projects. When accounting for data center size, the analysis paints a similar picture. We rate Ferguson OP with a $310 TP as a beneficiary of robust Non-Resi demand and longterm tailwinds in Resi, with a potential positive near-term catalyst of an S&P 500 inclusion."

For an analyst ratings summary and ratings history on Ferguson Plc. click here. For more ratings news on Ferguson Plc. click here.

Shares of Ferguson Plc. closed at $221.31 yesterday.

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