First Advantage downgraded to Peer Perform on valuation at Wolfe

Wolfe Research downgraded First Advantage to Peer Perform from Outperform without a fair value range of $20-$23. The firm is making a valuation call as it now sees a greater magnitude of upside to estimates and multiples with other names in its coverage universe. With easier compares on base growth in the coming quarters, First Advantage’s downside to numbers is likely limited, but the stock’s upside is capped as well, the analyst tells investors in a research note.