WillScot downgraded to Hold on limited visibility at Deutsche Bank

Deutsche Bank analyst Faiza Alwy downgraded WillScot (WSC) to Hold from Buy with a price target of $35, down from $46. Despite expectations being muted heading into the Q3 print, WillScot’s results and guide were disappointing, the analyst tells investors in a research note. The firm says that while macro headwinds around weaker construction starts were known, weakening demand over the last few years has the potential to pressure pricing as industry utilization has been declining. It is not clear to the firm that WillScot’s volumes have bottomed yet. It cites limited visibility for the downgrade.