Greenbrier price target lowered to $33 from $35 at BofA

BofA analyst Ken Hoexter lowered the firm’s price target on Greenbrier to $33 from $35 and keeps an Underperform rating on the shares after the company hosted its investor day, during which it said it aims to more than double its recurring revenue over the next five years. While the firm views the company’s pivot to reduce its reliance on manufacturing positively, it says the pivot is also indicative of "increasing pessimism on North America railcar growth" as rising rail service and the softening macro weigh on equipment demand.