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Investing.com - TD Securities downgraded GDI Integrated Facility Services Inc. (TSX:GDI) (OTC:GDIFF) from Buy to Hold and significantly reduced its price target to C$30.00 from C$47.00.
The downgrade comes despite the company achieving improved profitability and free cash flow that had been anticipated by TD Securities when it upgraded the stock in January.
TD Securities analyst Derek Lessard noted that while some positive financial metrics have materialized as expected, the overall business sentiment has continued to deteriorate in the months since the previous rating.
The firm indicated that GDI Integrated has not been immune to the challenging operating environment that has affected the sector.
TD Securities cited the absence of clear near-term catalysts as a key factor in its decision to lower both the rating and price target for the facility services provider.
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