Concrete Pumping Holdings shares are trading lower after the company reported worse-than-expected Q2 financial results and issued FY24 revenue guidance below estimates. Also, William Blair downgraded the stock from Outperform to Market Perform and Stifel maintained a Buy rating on the stock but lowered its price target from $9 to $8.
Portfolio Pulse from Benzinga Newsdesk
Concrete Pumping Holdings shares are trading lower after the company reported worse-than-expected Q2 financial results and issued FY24 revenue guidance below estimates. Additionally, William Blair downgraded the stock from Outperform to Market Perform, and Stifel maintained a Buy rating but lowered its price target from $9 to $8.
June 07, 2024 | 11:51 am
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Concrete Pumping Holdings (BBCP) shares are trading lower due to worse-than-expected Q2 financial results and lower FY24 revenue guidance. William Blair downgraded the stock to Market Perform, and Stifel lowered its price target from $9 to $8 while maintaining a Buy rating.
The combination of worse-than-expected Q2 financial results, lower FY24 revenue guidance, and a downgrade from William Blair is likely to negatively impact BBCP's stock price in the short term. Although Stifel maintained a Buy rating, the lowered price target adds to the negative sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100