Service Corp. price target lowered to $70 from $80 at BofA

BofA lowered the firm’s price target on Service Corp. to $70 from $80 and keeps a Buy rating on the shares. Placer.ai data indicates that the average daily visitations at Service Corp’s locations grew 2% month-over-month in September and that Q3 traffic was down 4% year-over-year and slightly below the 2019 levels, potentially indicating slower sales, the analyst tells investors. The firm, which lowered its estimates “slightly” given that Q3 did not see a typical pick up in September, cites both lower estimate and a lower multiple for its trimmed price target, though it keeps a Buy rating given what it views as an attractive valuation.