Research
RBC Cuts Price Target on Core & Main to $60 From $63, Keeps Outperform Rating
Core & Main (CNM) has an average rating of overweight and mean price target of $55.69, according to analysts polled by FactSet.
$CNM
$CNM
11 stories mentioning CNMUpdated 3d ago
Every FINWIRES story that references CNM, newest first.
What are analysts saying about CNM?
Recent broker actions mentioned in FINWIRES coverage. Compiled from wire headlines; not investment advice.
What's the latest news on CNM?
Wire
Core & Main Q2 Results Mixed, Organic Growth Limited, Truist Says
Core & Main's (CNM) Q2 results were mixed relative to Street expectations, with limited organic growth despite some progress in selling, general and administrative costs, Truist Securities said Wednesday in a note.The stock has been particularly weak the last several months amid soft mergers and acquisition activity and end-market weakness.Core & Main reiterated guidance for the new fiscal year. The company expects revenue between $7.8 billion and $7.9 billion, versus Street expectations of $7.84 billion. It expects adjusted EBITDA between $950 million and $980 million, compared with Street estimates of $970 million.Management noted positive municipal demand, along with capital projects and fire protection, with some organic growth seen in the quarter, according to the note.Truist maintained a hold rating on Core & Main with a $50 price target.Shares of the company were down more than 5% in Wednesday trading.Price: $41.71, Change: $-2.36, Percent Change: -5.34%
$CNM
US Markets
Core & Main Reaffirms Fiscal 2026 Outlook Following Second-Quarter Beat
Core & Main (CNM) maintained its full-year outlook after reporting better-than-expected fiscal second-quarter results, sending the company's shares lower Wednesday.The water, sewer and fire protection product distributor continues to expect fiscal 2026 net sales between $7.80 billion and $7.90 billion. The current consensus on FactSet is for $7.84 billion.The company projects full-year adjusted earnings before interest, taxes, depreciation and amortization at $950 million to $980 million, also unchanged from its prior guidance. Wall Street is looking for $970.3 million.For the three months through Aug. 2, adjusted earnings rose to $0.94 a share from $0.87 a year earlier, topping the Street's views of $0.92. Net sales increased 2.5% to $2.15 billion, driven by higher volume and selling prices for fire protection products, as well as gains in the pipes, valves and fittings business due to acquisitions. Analysts expected sales of $2.14 billion.The company's shares were down 3.6% in afternoon trade, bringing its year-to-date losses to 18%."Municipal demand remained a key source of strength, supported by a broad range of activity across water and wastewater infrastructure," Core & Main Chief Financial Officer Robyn Bradbury said on an earnings conference call, according to a FactSet transcript. "Within nonresidential, activity was led by data center construction, offset by ongoing softness in light commercial and retail."Residential lot development continued to be "challenged" in the quarter as projected, especially in markets that benefited from robust development activity in 2025, Chief Executive Mark Witkowski said during the call. "While affordability concerns and higher interest rates continue to influence near-term activity, we expect comparisons to become considerably more favorable in the back half of the year."Selling, general and administrative expenses as a percentage of net sales were 14% for the quarter, compared with 14.4% a year earlier. The company attributed the improvement mainly to the benefits of recent cost actions and lower variable compensation costs."(Core & Main) continues to make some SG&A cost work, but still has limited organic growth despite capital projects," Truist Securities said in a note. "Regardless, the stock has been particularly weak the last several months with soft (merger and acquisition) activity and end market weakness."Last month, plumbing supplies distributor Ferguson Enterprises (FERG) logged higher-than-expected second-quarter results and forecast full-year sales to grow at the top end of its prior outlook range.Price: $42.37, Change: $-1.69, Percent Change: -3.84%
$CNM$FERG
US Markets
Stocks Fall Pre-Bell, Oil Rises After Fresh US-Iran Strikes
US equity futures were tracking in the red on Wednesday while oil prices rose as the US and Iran exchanged a fresh round of strikes.The S&P 500 declined 0.3%, the Dow Jones Industrial Average decreased 0.4%, and the Nasdaq was off 0.5% in premarket activity. The indexes finished Tuesday trading lower for the second consecutive session.The US Central Command said Tuesday its forces destroyed five Iranian crude oil carriers in response to Tehran firing ballistic missiles at a US navy warship. Iran retaliated by launching a barrage of ballistic missiles at a base used by US forces in Jordan, according to several media reports.CENTCOM previously said it struck three Iranian oil tankers over the weekend.West Texas Intermediate crude oil rose 2.3% to $95.13 a barrel, while Brent gained 2.6% to $100.48.President Donald Trump signed five proclamations on Tuesday to ban imports of certain Canadian goods, including some motor vehicles, alcohol and dairy products, effective Sept. 29. In July, the US imposed tariffs of 50% on these products from Canada.Treasury yields were trending upwards, with the two-year rate rising 2.1 basis points to 4.42% and the 10-year rate adding 0.4 basis points to 4.81%.Traders await two key inflation reports later in the week, with data on wholesale prices for August due on Thursday, while the consumer price index for the same month is scheduled to be released on Friday. The reports are expected to serve as crucial data points for the Federal Reserve, which begins its two-day policy meeting next week.Markets are pricing in a 60% probability that the central bank will raise the benchmark lending rate by 25 basis points, with the remaining odds pointing to another Fed pause, according to the CME FedWatch tool.US consumers had mixed views on the inflation trajectory in August, seeing prices hold steady in the short- and long-term but expecting a drop over the next three years, a survey by the Federal Reserve Bank of New York showed Tuesday.Wednesday's thin economic calendar has the weekly mortgage applications bulletin at 7 am ET.SailPoint (SAIL), Chewy (CHWY), Core & Main (CNM), Signet Jewelers (SIG) and Academy Sports and Outdoors (ASO) are set to release their latest financial results before the bell, among others. Cooper Companies (COO), AeroVironment (AVAV) and American Eagle Outfitters (AEO) post their earnings after the markets close.Shares of Casey's General Stores (CASY) dropped 8.9% pre-bell as the convenience store operator's fiscal first-quarter same-store sales growth decelerated year over year.Gold edged down to $4,438 per troy ounce, while bitcoin traded up 0.9% at $79,091.
Dow JonesNasdaq CompositeS&P 500$AEO$ASO$AVAV$CASY$CHWY$CNM$COO$SAIL$SIG
Wire
Core & Main Shares Fall After Northcoast Downgrade
Core & Main (CNM) shares fell 1.4% on Wednesday after Northcoast downgraded the stock to neutral from buy.Trading volume stood at over 1.9 million shares, compared with a daily average of more than 2.3 million.Price: $43.47, Change: $-0.61, Percent Change: -1.40%
$CNM
Research
Northcoast Downgrades Core & Main to Neutral From Buy
Core & Main (CNM) has an average rating of overweight and mean price target of $60.08, according to analysts polled by FactSet.
$CNM
Research
William Blair Initiates Core & Main at Market Perform
Core & Main (CNM) has an average rating of overweight and mean price target of $60.29, according to analysts polled by FactSet.
$CNM
Treasury
Core & Main Prices $750 Million Senior Notes Offering
Core & Main (CNM) said late Thursday that its subsidiary, Core & Main LP, has priced a $750 million offering of 6.000% senior notes due 2034.Net proceeds will be used to prepay a portion of its senior term loan due July 27, 2028, and for general corporate purposes, the company said. It expects to close the offering July 1.
$CNM
US Markets
Core & Main First-Quarter Results Top Views Amid Municipal Demand
Core & Main (CNM) reported fiscal first-quarter results above Wall Street's estimates on Wednesday, driven by strong municipal demand.Adjusted earnings rose to $0.72 a share for the three months ended May 3 from $0.68 a year earlier, topping the FactSet-polled consensus of $0.70. Net sales were essentially flat at $1.91 billion as decreased volume was countered by acquisitions. Analysts were predicting $1.89 billion in revenue.Core & Main distributes water, sewer and fire protection products."Municipal demand remained strong during the quarter and continues to serve as a core source of growth for the business," Chief Executive Mark Witkowski said on a conference call, according to a FactSet transcript. "Activity is supported by aging water infrastructure, essential repair and replacement work, and the largely non-discretionary nature of municipal spending."Non-residential demand saw momentum across data centers and manufacturing facilities, largely offset by softness in traditional commercial construction, Witkowski said."Residential markets remain challenged with year-over-year declines against a strong prior year comparison," Witkowski told analysts.For fiscal 2026, the company continues to expect sales in a range of $7.80 billion to $7.90 billion, representing annual growth of 2% to 3% from the year-ago period. The current consensus on FactSet is for $7.85 billion. Adjusted earnings before interest, taxes, depreciation and amortization are pegged at $950 million to $980 million."Near-term activity will continue to be influenced by interest rates and affordability, but we remain optimistic on the long-term outlook given the structural undersupply of housing and meaningful pent-up demand," Witkowski told analysts.Price: $51.29, Change: $-1.33, Percent Change: -2.52%
$CNM
Commodities
Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday Amid Renewed US-Iran Clashes
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 1%, and the actively traded Invesco QQQ Trust (QQQ) retreated by 1.6% in Wednesday's premarket activity, amid renewed clashes between Iran and the US.US stock futures were also lower, with S&P 500 Index futures down 1%, Dow Jones Industrial Average futures slipping 0.9%, and Nasdaq futures retreating 1.5% before the start of regular trading.Mortgage applications rose by 10.8% in the week ended June 5 after a 2.5% decline in Memorial Day week despite an increase in average 30-year mortgage rates, according to Mortgage Bankers Association data released Wednesday.US consumer prices rose 0.5% in May, matching economists' expectations but slowing from a 0.6% increase in April, while core CPI increased 0.2%, below forecasts for a 0.3% gain and down from a 0.4% rise in the prior month.The consumer price index report for May is scheduled for an 8:30 am ET release.The weekly EIA domestic petroleum inventories report will be released at 10:30 am ET.In premarket action, bitcoin was down by 1.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.7% lower, Ether ETF (EETH) retreated by 2.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.01%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.3%, and the iShares US Technology ETF (IYW) was 2.2% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 4.5%, while the iShares Semiconductor ETF (SOXX) declined by 3.4%.Taiwan Semiconductor Manufacturing (TSM) shares were down more than 3% in premarket activity even after the company reported higher net revenue for the month of May and the period from January to May.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.4%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.7% higher. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated by 1.2%.Sea's (SE) shares were down more than 2% pre-bell. Bloomberg reported, citing unnamed people familiar with the matter, that the company's Shopee division is eliminating hundreds of developer positions, affecting about 8% of the platform's developer workforce.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.2%, the Vanguard Health Care Index Fund (VHT) was down 0.1%, while the iShares US Healthcare ETF (IYH) gained 1.2%. The iShares Biotechnology ETF (IBB) was 0.8% lower.Sanofi (SNY) stock was down more than 2% premarket after the company said that it will discontinue a phase 3 trial of its experimental drug riliprubart in patients with a type of chronic inflammatory demyelinating polyneuropathy after an interim review found the study was unlikely to provide "sufficient efficacy."FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.5% higher.Blackstone (BX) shares were down more than 2% pre-bell after Bloomberg reported the company is divesting Interplex's information and communications technology division to BizLink for roughly $850 million, with the agreement including an additional $50 million earnout based on certain milestones.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.6%, while the Vanguard Industrials Index Fund (VIS) fell 1.6% and the iShares US Industrials ETF (IYJ) was inactive.Core & Main (CNM) stock was down more than 1% before the opening bell, after the company reported unchanged fiscal Q1 net sales.EnergyThe iShares US Energy ETF (IYE) rose 2.5%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.7%.APA (APA) stock was up more than 1% before market open after the company said it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.CommoditiesFront-month US West Texas Intermediate crude oil gained by 2.1% to $90.02 per barrel on the New York Mercantile Exchange. Natural gas was up 2.9% at $3.23 per 1 million British Thermal Units. The United States Oil Fund (USO) rose by 1.6%, while the United States Natural Gas Fund (UNG) was 2.6% higher.Gold futures for July retreated by 2.8% to $4,166.90 an ounce on the Comex. Silver futures declined by 2.3% to $63.72 an ounce. SPDR Gold Shares (GLD) was down by 2.8%, and the iShares Silver Trust (SLV) decreased by 2.4%.
Dow JonesNasdaq CompositeS&P 500$APA$BETH$BITO$BX$CNM$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$RTH$SE$SLV$SNY$SOXX$SPY$TSM$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
US Markets
Stocks Fall Pre-Bell as US-Iran Tensions Escalate; Key Inflation Data on Deck
The main US stock measures were pointing lower in Wednesday's premarket activity as tensions escalate between the US and Iran, while traders await a key consumer inflation report.The S&P 500 and the Dow Jones Industrial Average declined 0.7% each before the opening bell, while the Nasdaq was off 1%. The S&P 500 and the Nasdaq finished Tuesday trading in the red, while the Dow closed higher.In a social media post early Wednesday, President Donald Trump said that the Iranian military has been "completely defeated.""They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price," Trump wrote.Iran launched strikes against several US military facilities and bases in Bahrain, Jordan and Kuwait early Wednesday, Bloomberg reported, citing Iranian media.In a Tuesday post on X, the US Central Command said its forces launched "self-defense" strikes against Iran in retaliation against Tehran for shooting down a US military helicopter.Trump said on social media that the two pilots on the helicopter were "safe and uninjured," and that the US would respond to the attack. Iran's Mehr news agency reported that several explosions were heard on Qeshm Island, in the Bandar Abbas region of southern Iran, as well as along the southern coast, according to Bloomberg News.West Texas Intermediate crude oil slipped 0.3% to $87.94 a barrel in premarket action, while Brent edged down 0.4% to $91.08."Cumulative losses have now reached 1 billion barrels and are on track to nearly double by year-end under our base case, which still assumes a narrow US-Iran deal in June and a phased reopening of the Strait of Hormuz from mid-July," Aditya Saraswat, Middle East and North Africa research director at Rystad, said in a Tuesday note.The consumer price index report for May is scheduled for an 8:30 am ET release. Official data are expected to show that consumer inflation rose 4.2% annually and 0.5% on a sequential basis, according to a Bloomberg-compiled consensus.Treasury yields were mixed before the open, with the two-year rate increasing 0.3 basis points to 4.13% while the 10-year rate retreated 0.4 basis points to 4.52%.Wednesday's economic calendar also has the weekly mortgage applications bulletin and the weekly EIA domestic petroleum inventories report.Shares of Super Micro Computer (SMCI) dropped 11% pre-bell after the company disclosed a $7 billion equity financing plan to support its artificial intelligence order backlog. Casey's General Stores (CASY) inclined 1.8% after reporting better-than-expected fiscal fourth-quarter results.Oracle (ORCL) is expected to report its latest financial results after the markets close, while Core & Main (CNM) and Chewy (CHWY) post earnings before the bell, among others.Gold decreased 2.2% to $4,194 per troy ounce, while bitcoin slipped 1% to $61,251.
Dow JonesNasdaq CompositeS&P 500$CASY$CHWY$CNM$ORCL$SMCI
