- AZZ (AZZ -7.2%) is downgraded to Sell from Hold with a $57 price target, cut from $63, at Stifel, which believes shares are extended ahead of Q3 results that could miss investor expectations.
- Stifel also thinks a continuation of AZZ's FQ2 volume challenges into Q3 will reign in investor ebullience and bring focus back to the next 12-month outlook, driving multiple compression; combined with what it anticipates will be downward revisions to earnings, the firm sees meaningful downside to shares at current levels.