Core & Main, Inc.: Straightforward in All Respects; Market Likely Continues to be Ahead of Itself on Inflation

研报英文原文证据摘录

Core & Main, Inc.: Straightforward in All Respects; Market Likely Continues to be Ahead of Itself on Inflation

Equity Research

10 June 2026

Core & Main, Inc.

Straightforward in All Respects;

Market Likely Continues to be

CNM OVERWEIGHTAhead of Itself on Inflation

Unchanged

FY'26 guide appears all the more achievable, and balanced in U.S. Homebuilding & POSITIVE Building Products

Unchangedcontext of macro uncertainly. Demand uplift in meters,

treatment plants, data centers. Potential inflation on the Price Target USD 62.00 Unchanged

horizon incrementally supports 2H outlook. Remain OW. Price (09-Jun-26) USD 52.65

Potential Upside/Downside +17.8%

We appreciate your 5-star vote in the 2026 Extel All-America Research Survey in the Homebuilders Source: Bloomberg, Barclays Research

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Market Cap (USD mn) 10239

Our model is minimally changed following Q1 above consensus with an unchanged guide. Shares Outstanding (mn) 194.49

We did not think there was an expectation for a lift to FY'26 guidance today, as it remains Free Float (%) 99.81

early in the fiscal year, and we believe CNM is striking the right balance in positioning itself 52 Wk Avg Daily Volume (mn) 2.4

for an achievable year while accounting for a demand backdrop at the whim of myriad end Dividend Yield (%) N/A

market and geopolitical uncertainties. Today's stock reaction (-6% vs. S&P -1% as of Return on Equity TTM (%) 23.87

1:30pm ET) seems punitive in that context, as we learn time and time again that it takes Current BVPS (USD) 10.22

time for positive price to flow through the P&L, if any disappointment there is what is Source: Bloomberg

driving today's underperformance.

Price Performance Exchange-NYSE