SiteOne Landscape Supply, Inc. Stock 12‑Month Price Target Cut to $119.25, Implies 23% Upside

Deutsche Bank downgraded SiteOne Landscape Supply (SITE) to Hold from Buy, lowering its price target to $91 from $127. The firm expects weaker-than-expected Q3 results due to lower volumes and a challenging macro backdrop. SITE's stock has declined 36% over the past six months, trading near its 52-week low. The company's Q2 2026 earnings missed estimates, with adjusted earnings of $3.14 per share on revenue of $1.53 billion.

Herc (HRI) and 7 other specialty equipment distributors reported Q2 earnings. HRI revenue grew 20.2% YoY, beating estimates but missing guidance. Richardson Electronics (RELL) grew 27.6% YoY, beating estimates. SiteOne (SITE) missed estimates, down 4.7% YoY. Alta (ALTG) missed estimates, down 1.2% YoY. Custom Truck One Source (CTOS) grew 10.2% YoY, beating estimates. Group revenues beat by 5.1%, but shares declined 3.6% on average.

SiteOne (SITE) held its Q2 2026 earnings call, outlining its footprint of 680+ branches and five distribution centers in the US and Canada. The company reported Q2 net sales up 5% to $1.53B, with 1% organic daily growth and 3% from acquisitions. Gross profit rose to about $565M, gross margin to 36.9%, and adjusted EBITDA to $237.2M (15.5%).

SiteOne reported Q2 revenue of $1.53B vs $1.54B estimates and adjusted EPS of $3.20 vs $3.35, citing softer demand in new residential construction and repair and upgrade markets, especially in Sunbelt states. Adjusted EBITDA was $237.2M vs $248.8M, with full-year EBITDA guidance $440M at midpoint. CEO Doug Black said remodel support factors are weaker than expected.

SiteOne Landscape Supply (NYSE: SITE) reported Q2 highlights from its earnings call. Pro-Trade private-brand sales rose nearly 50% YoY, digital sales via siteone.com increased over 50% YTD, and organic daily agronomic sales grew 5%. SG&A rose to about $371M. The company repurchased 797k shares for $94M and reaffirmed 2026 adjusted EBITDA of $425M to $455M.

SiteOne Landscape Supply reported Q2 2026 net sales up 5% despite a 2% organic volume decline, driven by 3% pricing gains and 3% from acquisitions. Gross margin rose 50 bps to 36.9%. FY2026 adjusted EBITDA guidance is $425m to $455m. The company also expanded its TAM to $36b and expects flat to +1% organic daily sales growth.