TIC Solutions downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded TIC Solutions (TIC) to Neutral from Overweight with a price target of $8, down from $14. The firm is citing the company’s weaker execution, a Q4 earnings miss, and added uncertainty from the CEO transition, adding that its conviction in successful integration, once the basis for its bullish thesis, has diminished, the analyst tells investors in a research note. TIC’s end markets and recurring revenue model are still attractive in the long-term, near-term confidence is tempered by margin pressure, slower synergy realization, and leadership change, JPMorgan adds.