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Fly News Breaks for October 22, 2019
SERV
Oct 22, 2019 | 14:54 EDT
Stifel analyst Michael Hoffman backed a Buy rating on ServiceMaster but cut his price target on the shares to $59 from $61 following the company's earnings guidance revision preannouncement. Hoffman said that Servicemaster will have "unusually high" Termite damage claim settlements in the third and fourth quarters and lower profits from fumigation. The analyst added that while organic growth is "trending better" in Pest Control, the pace of retention has "ebbed below plan" and exacerbates the downbeat earnings. Hoffman also said that, in his view, weakness in the shares is an "attractive" entry point.
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