KeyBanc analyst Jeffrey Hammond lowered the firm’s price target on Advanced Drainage (WMS) to $185 from $198 on lower estimates and keeps an Overweight rating on the shares following quarterly results. While acknowledging the price/cost headwinds, the firm feels the company is “controlling the controllables” well on margins and believes the initial FY27 outlook embeds conservatism, leaving room for upside with no end market improvement. Looking out, KeyBanc continues to see shares re-rating higher long-term as investors better appreciate Advanced Drainage’s sustainable long-term outgrowth levers and continued margin opportunities, which the firm expects to be highlighted at the upcoming investor day.
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