Stericycle (SRCL) PT Lowered to $55 at Baird

Baird analyst David Manthey lowered the price target on Stericycle (NASDAQ: SRCL) to $55.00 (from $62.00) while maintaining a Neutral rating.

The analyst commented: "Maintain Neutral rating, new $55 price target. SRCL traded -7% despite in-line results and maintaining guidance. Leverage fears may have been partly responsible. Management foreshadowed higher leverage, but a thin margin of error relative to covenants along with elevated DSOs may have driven investor angst. Positively, management announced a new subscription-based SID service offering which seems to have potential. Overall, while acknowledging the attractive long-term improvement opportunity, we’re staying Neutral-rated during the early post-ERP deployment period."

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