WillScot Mobile Mini price target lowered to $50 from $58 at Stifel

Stifel analyst Stanley Elliott lowered the firm’s price target on WillScot Mobile Mini to $50 from $58 and keeps a Buy rating on the shares. Multiple nonresidential indicators remain weak, particularly “light” commercial verticals such as retail, which likely weighs on units on rent in 1H24, and weather has been unfavorable, delaying the start to construction season, the analyst tells investors in a research note. In addition, Stifel is modeling incremental volume and margin weakness in 1H24, and the firm’s full-year estimates move towards the low end of WillScot’s guidance.