Custom Truck One Source price target lowered to $8 from $9 at Baird

Baird lowered the firm’s price target on Custom Truck One Source to $8 from $9 and keeps an Outperform rating on the shares. The firm said Q4 revenue beat expectations with adjusted EBITDA falling short, as sales/rental mix continues to weigh on margins. Fundamentally, demand remains strong, though lower electric transmission rentals are weighing on near-term contribution, and initial 2024 guidance expectations.