Wells Fargo analyst Eric Luebchow lowered the price target on IHS Holding (NYSE: IHS) to $8.50 (from $12.00) while maintaining a Overweight rating.

The analyst ocmments "We're trimming our PT to reflect our lowered estimates (primarily from FX) within our DCF and the lack of clarity on when (or if) macro conditions within Nigeria improve. Nonetheless, a stock that trades at ~2-3x EBITDA and FCF/share should be very near, if not at, a bottom given organic growth is likely to still be >10% in 2024. IHS continues to perform well fundamentally despite noise from macro variables outside its control."