Baird raised its price target on ABM Industries to $48 from $45 while maintaining a Neutral rating, following better-than-expected quarterly results. Analyst Andrew Wittmann updated his model after the company reported second-quarter revenue of $2.3 billion, an 8.4% year-over-year increase and a quarterly record. Organic revenue growth reached 6.1%, and first-half new sales bookings hit a record $1.2 billion. Adjusted EBITDA rose to $131.7 million, and the segment operating margin improved sequentially to 7.3%.
ABM Industries IncorporatedBaird raised price target to $48 after strong quarterly results with record revenue and sales bookings.