Advanced Drainage price target lowered to $187 from $200 at Baird

Baird analyst Michael Halloran lowered the firm’s price target on Advanced Drainage to $187 from $200 and keeps an Outperform rating on the shares. The firm said they posted a slight F1Q topline miss primarily driven by ag pressure, but unchanged full-year guidance underpinned by end market trends and backlog of existing orders. Positively, construction markets are progressing as expected with differentiated cycle timing, encouraging infrastructure trajectory, unsurprisingly weaker retail/multifamily trends, and margin performance remains strong due to tight cost controls, volume leverage, and mix.