BofA lowered the firm’s price target on Bowman Consulting to $34.50 from $36.50 on Friday, while keeping a Buy rating on the shares. The firm notes Bowman reported a weak Q2, with the commentary around slower “local” growth echoing the sentiment seen across its rental coverage, where growth rates and utilization levels have moderated from highs. Despite cutting guide for the first-time a as public company, Bowman remains confident in its long-term prospects, backed in part by large transportation projects working their way towards notice to proceed, BofA adds.
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