Vestis Reports Second Quarter 2024 Results and Updates Full-Year Outlook
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JPMorgan Downgrades Vestis Corp (VSTS) to Neutral
May 3, 2024 5:29 AM EDTJPMorgan analyst Andrew Steinerman downgraded Vestis Corp (NYSE: VSTS) from Overweight to Neutral with a price target of $11.00 (from $22.00).
The analyst comments "By our accounting, two key factors drove Vestis underperformance. First, Vestis deliberately moderated previously planned price increases in order to support client retention. We understand the firm decided on this tact in February, after receptivity to pricing increases was not as favorable as anticipated. Importantly, management noted that we believe service gaps have driven price sensitivity, as fully satisfied customers typically dont leave because theyve received a price... More
