Steelcase price target lowered to $16 from $18 at Benchmark

Benchmark analyst Reuben Garner lowered the firm’s price target on Steelcase (SCS) to $16 from $18 and keeps a Buy rating on the shares. Steelcase posted “solid” Q3 results, including EBITDA and EPS that beat consensus “nicely,” the analyst tells investors. However, a brief hiatus in order trends earlier in the quarter resulted in “muted” Q4 top line guidance and the EPS range coming in “just below consensus expectations,” notes the analyst, whose EPS estimate for FY25 moves up 5c to $1.05, while the firm’s FY26 estimate comes in a nickel to $1.10.