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Benzinga
Benzinga
Business
Akanksha Bakshi

BrightView Stock Slips After Goldman Sachs Downgrade

  • Goldman Sachs analyst George Tong downgraded BrightView Holdings Inc (NYSE:BV) to Neutral from Buy and lowered the price target to $15 (an upside of 15.3%), from $18.
  • The analyst notes labor and supply chain constraints over the near- to medium-term will cause subcontractor delays that weigh on the company's landscape development business.
  • Tong expects ancillary services revenue in the company's landscape maintenance business to remain under pressure due to omicron as customer discretionary spending gets scaled back in an uncertain environment.
  • He sees limited upside potential in BrightView shares over the next 2-4 quarters against this backdrop.
  • Price Action: BV shares are trading lower by 10.2% at $12.99 on the last check Monday.
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