Baird raised the firm’s price target on APi Group (APG) to $40 from $39 and keeps an Outperform rating on the shares. The firm met with management which reinforced their belief that Elevator maintenance is an attractive new business line which opens up a new M&A platform and, over time, good cross-sell potential. Elevator maintenance’s intensive recurring service focus is arguably an even better business than Safety services. In time, Baird believes this becomes more apparent.
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