Nomura Securities Downgrades ServiceMaster (SERV) to Reduce, Sees 14% Downside
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Nomura Securities downgraded ServiceMaster (NYSE: SERV) from Neutral to Reduce with a price target of $31.00 (from $36.00), suggesting 14% downside.
Analyst Dan Dolev commented, "At Terminix (pest control), we expect the growth gap to peers to linger - hurt by execution mishaps, debatable M&A strategy/headwinds, and customer/employee attrition. We think the solution is higher-touch service; however, that could hurt margins by 100-200bps. For AHS (home warranty), maintaining growth at elevated levels amid deteriorating customer reviews means marketing increases could be perpetual. AHS growing 5x faster than Terminix dilutes the multiple."
Shares of ServiceMaster closed at $36.16 yesterday.
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