V2X downgraded to Hold from Buy at Stifel

Stifel downgraded V2X to Hold from Buy with a price target of $52, down from $59. While the company’s medium-term demand picture remains favorable, expectations are reasonably high for V2X heading into 2024, the analyst tells investors in a research note. The firm thinks beating EBITDA expectations will need to be sales-driven as V2X’s margins should face some near-term pressure as new MRO contracts ramp up and cost-plus contingency work continues to grow.