Core & Main upgraded to soft buy as shares dip, with strong FY2026 outlook despite recent earnings misses.

Core & Main's stock was upgraded from 'hold' to a soft 'buy' after its share price fell, making it attractively valued compared to peers. The company maintained its FY2026 guidance, expecting revenue of $7.8–$7.9 billion and EBITDA of $950–$980 million, showing management's confidence despite recent earnings misses. Growth was driven by fire protection products and acquisitions, while some segments like smart utility and storm drainage faced short-term challenges. Long-term prospects remain positive due to infrastructure investment needs and market share gains.