FirstService assumed with Sector Perform from Outperform at Scotiabank

Scotiabank downgraded FirstService to Sector Perform from Outperform with a price target of $170, up from $166, after assuming coverage of the name. The analyst expects a deceleration in the company’s organic growth profile due to tough compares. The firm does not expect multiple expansion from here, noting FirstService is trading slightly above its historical average valuation multiple.