Wells Fargo cuts Core & Main stock price target on margin concerns

Wells Fargo has lowered its price target for Core & Main Inc. (NYSE: CNM) to $48 from $65, while maintaining an Overweight rating, due to concerns about margin fluctuations despite better-than-expected Q2 earnings. The firm adjusted its fiscal Q3 projections, particularly for gross margin, but expects EBITDA margin expansion in Q4. Core & Main reported Q2 fiscal 2026 adjusted EPS of $0.94 on $2.14 billion in revenue, with sales up 2.5% year-over-year, and maintained its full-year guidance.