BofA downgraded Equifax (EFX) to Neutral from Buy with a price target of $285, down from $300. The firm, which was “underwhelmed” by the company’s investor day, reduced its 2025 and 2026 adjusted EPS estimates to $7.58 and $8.91 from $7.63 and $9.22, respectively. The firm’s key takeaways from the investor day include that the company’s transformation to a cloud native platform is “not a long-term competitive moat,” that product innovation using their unique data assets will drive growth back to their unrevised long-term growth outlook and that “the real kicker to growth is a mortgage market recovery.”
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