Baird downgraded ABM (ABM) to Neutral from Outperform with a price target of $54, down from $56. The company’s fiscal Q3 results showed it is adjusting prices to hold off competition in several large markets where weak demands persists, such as Los Angeles, Minneapolis and Portland, the analyst tells investors in a research note. The firm believes this could take time to rectify and warrants a reversal of the positive share thesis.
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