Baird upgraded Verra Mobility (VRRM) to Outperform from Neutral with an unchanged price target of $27. The firm likes Verra’s “strong market position” and views the difficult macro backdrop as a good time to upgrade. High quality companies are less pressured by investors during uncertain times, the analyst tells investors in a research note. Baird says Verra’s New York City contract is being renewed, which is 16% of total revenue, and states may want more cameras during a difficult macro backdrop to generate more ticket revenue.
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