DA Davidson lowered the firm’s price target on Bowman Consulting to $32 from $43 but keeps a Buy rating on the shares. The company’s Q2 results and guidance were disappointing with a slower re-acceleration in organic growth than expected, but while there are some variables impacting demand in certain sectors, the firm does not see “blatant issues” with organic backlog gains, the analyst tells investors in a research note. With the stock having fallen “sharply”, the firm prefers to remain “constructive”.
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