ASGN downgraded to Underperform from Hold at Jefferies

Jefferies downgraded ASGN (ASGN) to Underperform from Hold with a price target of $42, down from $53. The firm says a soft demand environment will likely keep IT services companies from raising guidance. For ASGN, Jefferies sees incremental risk from the Department of Government Efficiency to its Federal business along with continued weakness in its Staffing business. Near-term demand for staffing and IT services is unlikely to materially improve in the current environment, the analyst tells investors in a research note.