Vestis (NYSE:VSTS) Price Target Raised to $13.00

Key Points

• JPMorgan raised Vestis’ price target to $13 from $11 but maintained an “underweight” rating, implying 7.64% downside from the previous close.
• Analyst sentiment remains cautious: Vestis has a consensus “Reduce” rating, with one Buy, three Hold, and four Sell ratings, and an average price target of $12.66.
• Vestis reported quarterly EPS of $0.18, exceeding the $0.10 consensus estimate, while revenue of $661.66 million fell short of expectations. Institutional investors own 97.4% of the company’s shares.

Vestis (NYSE:VSTS - Get Free Report) had its target price upped by stock analysts at JPMorgan Chase & Co. from $11.00 to $13.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential downside of 7.64% from the stock's previous close.

Several other brokerages have also recently weighed in on VSTS. William Blair upgraded Vestis from a "market perform" rating to an "outperform" rating in a report on Tuesday, May 12th. Robert W. Baird increased their price target on Vestis from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Wednesday. Barclays lifted their price objective on Vestis from $9.00 to $11.00 and gave the stock an "underweight" rating in a research report on Wednesday. The Goldman Sachs Group upped their target price on Vestis from $8.20 to $9.30 and gave the company a "sell" rating in a report on Tuesday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Vestis in a research note on Friday, August 7th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $12.66.

Vestis Price Performance

Shares of NYSE:VSTS traded down $0.09 during midday trading on Thursday, hitting $14.07. The company's stock had a trading volume of 139,818 shares, compared to its average volume of 1,640,833. The business's 50 day simple moving average is $14.23 and its 200 day simple moving average is $10.74. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.69 and a current ratio of 2.13. The company has a market cap of $1.86 billion, a P/E ratio of -280.24 and a beta of 0.97. Vestis has a 12-month low of $3.98 and a 12-month high of $16.90.

Vestis (NYSE:VSTS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.08. The firm had revenue of $661.66 million for the quarter, compared to analyst estimates of $668.94 million. Vestis had a negative net margin of 0.20% and a positive return on equity of 7.30%. On average, analysts forecast that Vestis will post 0.52 EPS for the current year.

Institutional Trading of Vestis

A number of hedge funds and other institutional investors have recently made changes to their positions in VSTS. Corvex Management LP lifted its holdings in Vestis by 5.4% in the fourth quarter. Corvex Management LP now owns 19,813,963 shares of the company's stock valued at $132,159,000 after acquiring an additional 1,010,064 shares during the last quarter. Vanguard Group Inc. increased its stake in Vestis by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 9,960,651 shares of the company's stock worth $66,438,000 after acquiring an additional 346,736 shares during the last quarter. Royal Bank of Canada increased its stake in Vestis by 1,520.5% during the fourth quarter. Royal Bank of Canada now owns 5,688,399 shares of the company's stock worth $37,942,000 after acquiring an additional 5,337,380 shares during the last quarter. AQR Capital Management LLC raised its position in Vestis by 19.8% in the second quarter. AQR Capital Management LLC now owns 5,593,129 shares of the company's stock valued at $32,049,000 after purchasing an additional 923,459 shares during the period. Finally, Greenstone Partners & Co. LLC purchased a new stake in Vestis in the fourth quarter valued at $33,979,000. Institutional investors and hedge funds own 97.40% of the company's stock.

About Vestis

Vestis Corporation provides uniform rentals and workplace supplies in the United States and Canada. Its products include uniform options, such as shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, as well as shoes and accessories; and workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels, and linens. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries.

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