"We believe this highlights the future growth that is already reflected in the Softcat valuation. On valuation grounds alone, we downgrade our rating." Softcat said earlier that in the six months to the end of January 2018, operating profit was up 15.4% to £24.1m on revenue of £472.8m, up 25% from the same period a year ago, with double-digit growth across all business lines and customer segments. In a separate note, Credit Suisse cut its price target on plumbing and heating supplier Ferguson, formerly Wolseley, but kept its 'outperform' rating on the stock. The bank chopped the price target to 6,280p from 6,500 given the year-to-date weakening of the USD/GBP rate but reiterated its 'outperform' rating as fundamentals are still solid. It also lifted its group organic growth estimates for the next three years, pointing to a better demand outlook. CS said the rating was based on three key factors.