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.
Grainger reports July sales down 1% YoY, organic sales up 2% Grainger reported sales results for the month of July. Sales declined 1% YoY. Results for the month included a 4% decline from unfavorable foreign exchange and a 1% increase from acquisitions. Sales increased 2% on an organic basis, excluding foreign exchange and acquisitions, driven by 3% from volume, partially offset by a 1% decline in price.