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Wolseley upgraded by RBC

31 July 2017 15:21

Equity research analysts at RBC Capital Markets have upgraded their recommendation on plumbing and heating products and building materials distributor Wolseley (LON:WOS), which is to change its name imminently to Ferguson's, to outperform (from sector perform) stating that the stock is too cheap for the quality it offers.

RBC said: "We think the US market remains robust, that Ferguson's market position and scale advantages should allow share gains.

We expect FY results to be sound and expect a material cash return post the Nordics disposal.

"Valuation now looks very attractive relative to peers and history."

Target increased to 5,200 pence a share (from 5,000 pence).

At 3:21pm: (LON:WOS) Wolseley PLC share price was +41.5p at 4541.5p

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