Stifel analyst Brian Brophy upgraded Custom Truck One Source (CTOS) to Buy from Hold with a price target of $7, up from $5. The firm cites positive transmission and distribution survey for the upgrade. Stifel says 2% of respondents saw tighter equipment availability in Q2 versus 4% which saw looser equipment availability in Q1. The tightening in availability reflects improved rental utilization trends in the market, the analyst tells investors in a research note. The firm believes these trends will help support Custom Truck’s earnings expectations.
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