Limbach Holding price target lowered to $102 from $117 at Stifel

Stifel analyst Brian Brophy lowered the firm’s price target on Limbach Holding (LMB) to $102 from $117 and keeps a Buy rating on the shares after having recently hosted CEO Mike McCann and CFO Jayme Brooks for investor meetings. The firm is positive on the growth and margin expansion runway following the transformation of the business toward Owner Direct Relationship work, adding that it believes deployment of on-site account managers “remains a key differentiator” and positions Limbach to be “an indispensable partner for building owner customers.” The firm believes the recent pullback in the shares partially reflects a misunderstanding of Limbach’s currently limited data center mix relative to other E&M peers and presents “an interesting entry point opportunity for longer-term investors,” the analyst added.