CBIZ initiated with an Equal Weight at Stephens

Stephens initiated coverage of CBIZ (CBZ) with an Equal Weight rating and $31 price target Shares have suffered from AI fears, lowering revenue guidance and “noise” from the Marcum acquisition, notes the analyst, who adds that “this move feels overdone.” However, the firm expects the company to continue to trade at a trough multiple until AI fears abate or revenue growth returns to long-term goals.