Blue Bird price target lowered to $41 from $48 at Roth MKM

Roth MKM analyst Craig Irwin lowered the firm’s price target on Blue Bird (BLBD) to $41 from $48 and keeps a Neutral rating on the shares. BlueBird pre-released revenue above estimates with weak electric school bus deliveries as expected, and lower school bus revenue was offset by materially higher volumes of legacy combustion units, the analyst tells investors in a research note. The firm says average selling prices dropped 18% quarter-over-quarter on the adverse mix shift. Roth continues to expect Environmental Protection Agency funding inefficiencies to impact electric school bus deliveries in fiscal 2025, noting Blue Bird’s initial guide likely reflects a back-end loaded year.