WillScot Mobile Mini Holdings Corp. (WSC) PT Lowered to $48 at Stifel

Stifel analyst Stanley Elliot lowered the price target on WillScot Mobile Mini Holdings Corp. (NASDAQ: WSC) to $48.00 (from $50.00) while maintaining a Buy rating.

The analyst comments "WSC reported revenues and adjusted EBITDA ahead of lowered expectations. Total revenues increased 3.8% despite lower units on rent across both segments. Rental rates remained robust increasing 11% and 22% in modular and storage, respectively. Adjusted EBITDA margin compressed 150 bps y/y to 42.2% and gross margin fell 310 bps to 54.0%. Despite the somewhat challenging start to the year, WSC maintained its guidance for the full year. Storage units on rent are expected to remain under pressure while modular is expected to improve. WSC sees sequential revenue growth through the year due to inflecting modular activations and improving margins in 2H24."

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