TrueBlue price target lowered to $18 from $20 at Baird

Baird analyst Mark Marcon lowered the firm’s price target on TrueBlue to $18 from $20 and keeps an Outperform rating on the shares. The firm saidQ2 results reflected a more challenging environment with all segments declining more than expected, particularly the PeopleScout division. In addition, margins in the PeopleReady division declined sharply due to deleveraging. Implied guidance is well below consensus as conditions are not expected to improve near term.