Fri Sep 20 08:42:53 UTC 2024: ## Ferguson’s Price Target Raised by Royal Bank of Canada, Stock Remains Strong

**New York, NY – September 20, 2024** – Ferguson plc (NASDAQ:FERG), a leading distributor of plumbing and heating products in North America, saw its price target raised by analysts at Royal Bank of Canada. The firm now forecasts a potential upside of 5.19% from the company’s previous close, setting a new price target of $219.00 per share. They maintain an “outperform” rating on the stock.

This optimistic outlook comes on the heels of Ferguson reporting strong earnings results on September 17th. The company exceeded analysts’ expectations, reporting $2.98 EPS for the quarter, up from $2.77 in the same period last year. Revenue also grew by 1.4% year-over-year, reaching $7.95 billion.

Ferguson’s positive financial performance has been recognized by other analysts as well. While Barclays lowered their price target to $229.00, they still maintain an “overweight” rating. Meanwhile, Jefferies Financial Group raised their target to $250.00 and assigned a “buy” rating to the stock.

Overall, Ferguson enjoys a “Moderate Buy” consensus rating from analysts, with an average price target of $231.57. This positive sentiment is further reinforced by the company’s recent share repurchase plan, authorized by its board of directors on June 4th. This plan allows Ferguson to repurchase up to $1.00 billion in shares, a move often seen as a signal of confidence in the company’s future.

Institutional investors continue to show strong interest in Ferguson, with 81.98% of the stock currently owned by hedge funds and other institutions. This indicates a high level of confidence in the company’s long-term growth prospects.

Ferguson remains a leader in its industry, offering a wide range of plumbing and heating solutions to diverse customer segments. The company’s solid financial performance, positive analyst sentiment, and continued institutional interest suggest a bright future for Ferguson plc.

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