Custom Truck One placed on ‘Negative Catalyst Watch’ at JPMorgan

JPMorgan placed Custom Truck One Source on "Negative Catalyst Watch" ahead of the company’s Q4 results on March 14. The firm keeps a Neutral rating on the shares with a $7.50 price target. The analyst expects Custom Truck to guide sales and EBITDA bracketing the Street at the high end due to ongoing supply chain disruptions. The firm believes management will likely be "conservative" next week and notes that consensus is modeling double digit recovery in the TES segment in 2023, which it thinks remains subject to further supply chain improvement. JPMorgan views the stock’s valuation as "relatively full" at current levels.