Truist Securities analyst Tobey Sommer downgraded ASGN Inc. (NYSE: ASGN) from Buy to Hold with a price target of $33.00 (from $60.00).

The analyst comments "We downgrade ASGN to Hold with a $33 PT from $60. Enterprise IT projects ramped more slowly than expected in 1Q, pressuring gross and EBITDA margins, on the heels of strong 4Q bookings. This aligns with the bearish view that AI could disrupt demand for expensive commercial software implementation. We believe that ASGN is in the midst of a multi-quarter transition towards consulting, including broad leadership changes, that could prove disruptive operationally. We estimate if the transition to consulting is disruptive, our 2027 EBITDA could have ~15-25% further downside."

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Shares of ASGN Inc. closed at $40.43 yesterday.