FTI Consulting price target lowered to $165 from $178 at Truist

Truist analyst Tobey Sommer lowered the firm’s price target on FTI Consulting (FCN) to $165 from $178 and keeps a Hold rating on the shares. The company reported upside in Q3 and increased EPS guidance, but the firm thinks investors fear AI driven efficiencies could reduce billable hours. While the firm takes “solace” that clients view FTI as an expert firm, which could reduce the threat of automation, it acknowledges the risk that AI is an overhang and is also cautious longer-term about segment margins in the race for talent.