Worthington price target lowered to $73 from $81 at Canaccord

Canaccord lowered the firm’s price target on Worthington (WOR) to $73 from $81 and keeps a Buy rating on the shares. The firm said they reported solid FQ1 2026 results in its seventh “clean” reporting quarter after separating its steel business. Despite the good report shares moved lower which Canaccord attributes to a relative lack of tariff impact help thus far, gross margins were below consensus, but can be explained by $2.2m in purchase accounting charges from the Elgen acquisition in June, and Q1 free cash flow was a bit underwhelming.