Truist names ASGN Best Idea in Business Services, raises price target to $110

Truist raised the firm’s price target on ASGN to $110 from $93 and keeps a Buy rating on the shares. The firm has also named the stock as one of its Best Ideas in Business Services for 2024. Investors are over-estimating the cyclical sensitivity of the company’s diversified portfolio of IT services businesses and under-estimate the transformation driven by the push into IT Consulting, the analyst tells investors in a research note. Truist further states that ASGN stock trades at a 16% discount relative to its staffing company peers.