Reuben Garner, an analyst from Benchmark Co., reiterated the Buy rating on Steelcase (SCS – Research Report). The associated price target is $16.00.
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Reuben Garner has given his Buy rating due to a combination of factors that highlight Steelcase’s strong performance and potential for future growth. The company reported impressive first-quarter results, with revenue, EBITDA, and EPS surpassing consensus expectations, driven largely by robust demand from large corporate clients in the Americas. This demand has helped mitigate challenges in the government and education sectors, which were impacted by federal funding issues.
Furthermore, while international performance was mixed, with weaknesses in France and Germany, growth in China, India, and the UK provided a positive offset. Garner also notes that the company’s guidance for the second quarter aligns with expectations, and the full-year outlook remains stable. The ongoing trend of returning to office workspaces supports the demand for Steelcase’s products, as companies recognize the need to redesign office spaces to accommodate new working norms. Despite some uncertainties related to federal policies and tariffs, the overall outlook for Steelcase remains positive, justifying the Buy rating.
In another report released yesterday, Noble Financial also initiated coverage with a Buy rating on the stock with a $16.00 price target.
Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SCS in relation to earlier this year.