Truist lowered the firm’s price target on ABM to $45 from $53 and keeps a Hold rating on the shares. The company posted a “solid” start to FY24 with a “clean” Q1, and its results suggest that ABM is likely pacing slightly ahead of the initial FY24 plan, the analyst tells investors in a research note. The firm adds however that the office market exposure, ERP implementation risk, and limited capital return will remain overhangs on the stock near-term.
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