ASGN downgraded to Hold from Buy at Canaccord

Canaccord downgraded ASGN (ASGN) to Hold from Buy with a price target of $55, down from $115. The company’s Assignment revenue has yet to trough despite what has now been a couple of years since macro headwinds began to appear, the analyst tells investors in a research note. The firm says that with the macro environment showing some steadiness, continued declines in Assignment revenue “could be signaling some changing dynamics in the business.” It believes the Department of Government Efficiency is also a risk for ASGN.