Barclays downgraded WillScot to Equal Weight from Overweight with a price target of $44, down from $50. The firm is disappointed that management’s confidence on closing the McGrath RentCorp deal could not be executed upon. The lack of deal synergies in a tough macro environment compels the analyst to be on the sidelines. This setup, and the lack of a dividend, suggests any share re-rating to a services multiple will take a lot longer now, the analyst tells investors in a research note.
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Read More on WSC:
- WillScot Revises Growth Strategy, Ends McGrath Merger Deal
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