Grainger narrows FY12 EPS ex-items view to $10.55-$10.75 from $10.50-$10.80 Consensus $10.56. Reiterates FY12 sales growth forecast of 11%-12%, consensus $8.97B. Says EPS excludes reserve adjustment related to the expected settlement with the Department of Justice announced October 16.
Grainger downgraded to Neutral from Outperform at Baird Baird downgraded Grainer to Neutral from Overweight as U.S. economic trends are progressively later-cycle, raising overall risk profiles for distributors with industrial exposure. Baird lowered its price target to $240 from $258 on Grainger shares.