Resources Connection upgraded to Neutral from Underperform at BofA

BofA analyst Kalei Akamine upgraded Resources Connection to Neutral from Underperform with a price target of $58, up from $49. The company’s regulatory headwinds, which had handicapped share performance amid upcycle in oil and gas, are subsiding, the analyst tells investors in a research note, adding that while the opposition intended to ban drilling, that risk was de-escalated through a series of hearings over the past two months. Akamine further notes that he anticipates a "modest" free cash flow inflection taking place in FY23.