Baird downgraded WillScot (WSC) to Neutral from Outperform with an unchanged price target of $42. The firm says its portable storage rental survey results “weren’t great.” When combined with other macro data points, and a likely changeover of the company’s investor base from growth oriented to returns oriented, WillScot’s future multiple attainment “may be lesser than its past as its hyper growth story transitions to a hyper returns story,” the analyst tells investors in a research note. Baird believes the transition likely also increases WillScot’s cash tax bill from its historical 0% rate, penalizing future cash flow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on WSC:
- WillScot Mobile Mini Expands Board with New Appointment
- WillScot appoints Worthing Jackman to board of directors
- GM, Ford and Rivian downgraded: Wall Street’s top analyst calls
- McGrath RentCorp reinstated with an Outperform at Oppenheimer
- WillScot downgraded to Equal Weight from Overweight at Barclays
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
