Vestis downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded Vestis (VSTS) to Underweight from Neutral with a price target of $6, up from $5. The firm believes the recent appointment of longtime UPS executive Jim Barber as CEO will restated a challenging turnaround at the company. Rebuilding profitable client volumes at Vestis will be a “slow grind” given the company’s large debt burden, the analyst tells investors in a research note. JPMorgan recommends investors avoid the stock citing Vestis’ “poor” fundamentals, organizational instability, and takeover discussions that appear to have stalled.