Citi Raises Price Target On W. W. Grainger (GWW)

Citi Investment Research raised its price target on W.W. Grainger, Inc. GWW to $119 from $115, as it raised its earnings expectations on Grainger. It has a Hold/Medium Risk rating on shares. In the research note, Citi writes, "Grainger's daily sales continue to be robust, benefitting from tailwinds related to the Gulf oil spill, seasonal factors, and the early cycle rebound. We are raising our Q3 EPS estimate from $1.74 to $1.80 to incorporate these daily sales trends. Consensus is $1.80. Recent positive commentary and guidance raises from OEM's such as Cooper Industries and Actuant also bode well for industrial distributors. We are raising our 2011 EPS from $6.95 to $7.20." Shares of Grainger lost $1.39 to close at $119.35, a loss of 1.1%.