Service Corp. price target lowered to $65 from $74 at Oppenheimer

Oppenheimer lowered the firm’s price target on Service Corp. to $65 from $74 and keeps an Outperform rating on the shares. The firm acknowledges that Service Corp.’s long-term growth opportunity remains intact as the company is well positioned to capitalize on an aging baby boomer population, and sell pre-need contracts to build its trust fund portfolio/gain advanced market share. However, near-term, the company appears to be in the throes of the reversion period post the pandemic pull-forward of business activity, combined with an uncertain consumer discretionary environment, Oppenheimer says.