Truist analyst Tobey Sommer raised the firm’s price target on Service Corp. to $84 from $80 and keeps a Buy rating on the shares. The firm’s visit with the company’s CFO has given it more confidence that volume should inflect to annualized growth exiting 2024, that the demand from its mid-to high-end consumer is buoyant, and that its acquisition pipeline is very strong, the analyst tells investors in a research note. Service Corp.’s margins could also expand as cemetery maintenance expense growth normalizes lower, Truist added.
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