Brundage-Bone Concrete Pumping Holding Inc (BBCP) PT Lowered to $7.50 at Baird

Baird analyst Andrew Wittmann lowered the price target on Brundage-Bone Concrete Pumping Holding Inc (NASDAQ: BBCP) to $7.50 (from $8.50) while maintaining a Neutral rating.

The analyst commented: "F2Q24 results fell short on another weather-impacted quarter, but with broader commercial demand challenges met with lingering pump surplus weighing on
pricing in US as well. Guidance was trimmed lower, with commercial challenges expected to persist through year-end, only partially offset by strong residential and infrastructure contribution. Positively, FCF guidance was held and the implied ~20% FCF yield is an attractive consideration, particularly as leverage has moved lower and looks to end the year at ~2.75x. Fundamentally, however, we think shares will struggle until interest rates confidently peak."

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