Citi Reiterates Buy On WESCO International

Citi Investment Research is out with a research report on WESCO International, Inc. WCC and is reiterating its Buy rating and $71 price target. In a note to clients, Citi Investment Research writes, "hear — The original focus for WESCO's August 9 analyst meeting in NYC was expected to be on its major growth initiatives and longer term operating targets. While these are still expected to be the showcase themes, a timely overarching message is also likely to be a welcomed reassurance that the company remains on track to achieve its 2011 operating targets despite the recent market correction. Another key growth driver should be the company's ample financial capacity and enticing M&A pipeline. WESCO has proven itself adept at augmenting organic growth with acquisitions of relatively low risk bolt-on deals of private regional distributors. WESCO has been on pace to achieve 50% earnings growth in 2011 despite lackluster nonresi construction markets, giving us confidence in the long-term prospects for WESCO's profitability." Shares of WCC lost 73 cents on Friday to close at $42.17.