Verra Mobility shares are trading lower after the company reported worse-than-expected Q3 revenue results and issued FY24 revenue guidance below estimates. Also, Barid and Deutsche Bank lowered their respective price targets on the stock.
Portfolio Pulse from Benzinga Newsdesk
Verra Mobility's shares declined following disappointing Q3 revenue results and lower-than-expected FY24 revenue guidance. Additionally, Barid and Deutsche Bank reduced their price targets for the stock.
November 01, 2024 | 7:30 pm
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NEGATIVE IMPACT
Verra Mobility's stock is under pressure due to disappointing Q3 revenue results and lower-than-expected FY24 guidance. Analysts from Barid and Deutsche Bank have also reduced their price targets.
The company's Q3 revenue results were below expectations, which typically leads to a negative market reaction. Furthermore, the issuance of FY24 guidance below estimates suggests potential future challenges, prompting analysts to lower price targets, further impacting investor sentiment negatively.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100