RBC Capital raised the firm’s price target on APi Group to $45 from $36 and keeps a Sector Perform rating on the shares. The company’s revenues are declining in Q1 due to strategic project run-off and pass-through pricing, and the firm expects restructuring to result in adjustments to EBITDA and free cash flow in 2024, but APi’s underlying fundamentals remain solid with double-digit growth in US Life and Safety, the analyst tells investors in a research note. The company also stands to benefit from reshoring, share gains, and consolidation of the fragmented industry, the firm added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on APG: