In a report published Monday, Imperial Capital downgraded its rating on ABM Industries ABM from Outperform to In-Line, and lowered its price target from $26.00 to $19.00.
Imperial Capital noted, “We are downgrading our rating to In-Line from Outperform and lowering our one-year price target to $19.00 from $26.00. We anticipate nominal growth in the core janitorial business due to ongoing macroeconomic weakness and continued government budget uncertainty. We expect investors will remain on the sidelines until ABM begins to build stronger expansion momentum...On 9/5/12, ABM reported F3Q12 (ended 7/31/12) adjusted EPS of $0.37, below our/Street estimates of $0.42/$0.42. Revenue of $1.079bn was flat year-over-year (yoy) and adjusted EBITDA was $49.8mn, below our estimates of $1.089bn and $55.0mn, respectively. Consensus was estimating revenue of $1.091bn. The quarter was primarily impacted by government contract cancellations in the Facility Solutions segment.”
ABM Industries closed on Friday at $19.21.
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