Ferguson's 3Q Looks Strong, but We Worry About Peak Growth
Ferguson posted another good quarter, with market tailwinds and some market share gains supporting what has been a very good run this year in its U.S. business. Its international portfolio remains the weak link in the group, and we still hold out hope that the company is not through trimming assets there, after the latest divestment with the sale of its Nordic business at the end of March. With the U.S. Case-Shiller Home Price Index at peak levels of 2006, we remain cautious on Ferguson's share ...
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