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Fly News Breaks for July 17, 2019
SCS
Jul 17, 2019 | 06:03 EDT
Seaport Global analyst Matt McCall downgraded Steelcase to Neutral from Buy saying the near-to-intermediate term nonresidential backdrop "appears far less supportive." Several key leading macro indicators have "softened noticeably" in the past year, and the backdrop looks similar to the 2014-2015 period that preceded a precipitous drop in stock prices for nonresidential names, McCall tells investors in a research note. Further, Steelcase has the most difficult comps in the group in the year ahead, adds the analyst.
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