B. Riley lowered the firm’s price target on L.B. Foster to $17 from $18 and keeps a Neutral rating on the shares post the Q3 report. The analyst says the company has done a good job of optimizing its portfolio and focusing more on growth and margin expansion initiatives. However, given recent line exits, softer new orders in the quarter, and more challenging U.K.-based rail technology services and solutions, the firm modestly lowered estimates.
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Read More on FSTR:
- L.B. Foster sees 2023 net sales $530M-$540M, consensus $541.04M
- L.B. Foster reports Q3 EPS 5c vs. (20c) last year
- L.B. Foster Third Quarter 2023 Adjusted Results Reflect Ongoing Profitability Improvement and Strong Cash Flow; Reaffirming Midpoints of 2023 Guidance
- L.B. Foster Company to Report Third Quarter 2023 Operating Results on November 7, 2023
- FSTR Upcoming Earnings Report: What to Expect?
