APi Group’s ‘strong backlog’ to drive in-line or better Q1, says RBC Capital

RBC Capital keeps a Sector Perform rating and a $25 price target on APi Group ahead of its Q1 results. The analyst sees an in-line or slightly better quarter with quality topline growth and improving profitability, while the company’s "strong backlog" also provides visibility into its first half of 2023, the analyst tells investors in a research note. The firm further notes that its is positive on the management’s steps toward deleveraging as well as its Chubb asset acquisition related synergies of over $100M.