HireQuest price target lowered to $23 from $25 at DA Davidson

DA Davidson analyst Michael Baker lowered the firm’s price target on HireQuest to $23 from $25 and keeps a Buy rating on the shares. The company’s Q4 organic sales were down year over year, but they were down less than competitors, while its EBITDA missed on higher SG&A costs due to higher workers compensation, the analyst tells investors in a research note. The environment remains unfavorable for staffing companies, though HireQuest is still growing due to their solid acquisition strategy, the firm added.