TrueBlue price target lowered to $20 from $21 at BMO Capital

BMO Capital analyst Jeffrey Silber lowered the firm’s price target on TrueBlue to $20 from $21 and keeps an Outperform rating on the shares. The company’s Q2 earnings miss was due to lower-than-expected revenues from reduced demand and client selectivity, the analyst tells investors in a research note. BMO adds however that PeopleReady revenue declines got “less worse” and cost management helped minimize margin contraction.