Vestis downgraded to Neutral from Outperform at Baird

Baird downgraded Vestis to Neutral from Outperform with an unchanged price target of $13. The company’s results topped revenue expectations and it guided to the top end of its prior profit range, which is good enough for a modest share rally, the analyst tells investors in a research note. However, the biggest risk for the stock is that fiscal 2025 estimates may remain too high, says Baird. It cites this concern for the downgrade.