DA Davidson analyst Brent Thielman lowered the firm’s price target on Concrete Pumping (BBCP) to $8 from $9 but keeps a Buy rating on the shares after its Q2 earnings miss. The company’s results disappointed expectations as commercial market conditions lag and projects were delayed, the analyst tells investors in a research note. The firm adds however that the reset estimates, positive cash generation, penetration of high margin services and leverage to eventual improved cyclical market conditions still lend appeal to the stock from here.
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