UBS upgraded ABM (ABM) to Buy from Neutral with a price target of $54, up from $50. While shares were down 9% on Friday after Q2 results and reiterated guidance, the underlying business outlook as improved, the analyst tells investors in a research note. ABM’s largest segment turning from negative to positive growth has a meaningful impact to overall outlook, the firm says, adding that the 9% decline in shares on Friday “seems overdone” with several transitory issues impacting. UBS sees the stock pullback and better outlook creating a new opportunity here.
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