Stifel axes Limbach price target, says harsh reaction reflects optical issues

Stifel analyst Brian Brophy lowered the firm’s price target on Limbach (LMB) to $146 from $163 and keeps a Buy rating on the shares after Q2 results. The harsh reaction to the print primarily reflects a number of optical issues rather than significant underlying concerns with business performance, Stifel contends in a note to investors. The firm believes the street was expecting a slightly larger guidance raise to account for the contribution from the PPI acquisition.