HireRight downgraded to Hold from Buy at Stifel

Stifel analyst Shlomo Rosenbaum downgraded HireRight (HRT) to Hold from Buy with a $12 price target. He expects 2023 revenue growth expectations for the Background Screeners to be cut when the companies provide 2023 guidance along with their Q4 reports, Rosenbaum tells investors. Among the group, HireRight is the most exposed to large technology firms, where there is more acute employment and hiring risk, and he believes more of its growth comes existing client hiring than from new logos compared to peers, the analyst said. He would not recommend purchasing ahead of the earnings reports, but would wait until numbers are reset to purchase shares of First Advantage (FA) and Sterling Check (STER), Rosenbaum added.