Legence upgraded to Buy from Hold at Jefferies

Jefferies upgraded Legence (LGN) to Buy from Hold with a price target of $49, up from $39. The firm’s primary concerns were alleviated with an “impressive” Q3 report as Legence “comprehensively proved” M&A value creation would not be paused but actually accelerated, and that cash generation upside could be attainable through strong working capital management, the analyst tells investors.