Northland lowered the firm’s price target on Target Hospitality (TH) to $10 from $15 and keeps an Outperform rating on the shares. The firm is decreasing its estimates to reflect the termination of the Pecos contract, which it estimated would have contributed $168M and $115M-120M in revenue and EBITDA, respectively, thought the analyst “ultimately” believes there is “a solid chance” Pecos will be re-purposed for use by ICE.
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