Wesco: Transferring Coverage of This Behemoth Industrial Distributor

After taking a fresh look at Wesco, we’ve increased our fair value estimate to $216 per share, up from $215 to reflect the time value of money. We maintain Wesco’s narrow economic moat rating through which we believe it can produce returns above its cost of capital over the next decade. We also maintain Wesco’s Standard Capital Allocation Rating, reflecting its satisfactory balance sheet, sound investment decisions, and reasonable shareholder distributions.