Core & Main gets Buy rating with $62 target, expecting 35.6% upside on growth rebound and margin expansion.

Core & Main (CNM) has been initiated with a Buy rating and a price target of $62, suggesting a potential 35.6% upside. The stock has underperformed recently due to slow revenue growth in its PVF segment, but analysts expect sequential acceleration driven by easier comparisons and segment recovery. The company's diverse product mix, strong mergers and acquisitions track record, and disciplined pricing strategy support margin expansion and a possible multiple rerating. Risks include muted municipal spending, margin volatility from supplier issues, and acquisition execution risks, though leverage remains manageable at 2.2 times EBITDA.