ServiceMaster (SERV) PT Raised to $62 at Oppenheimer

Oppenheimer raised its price target on ServiceMaster (NYSE: SERV) to $62.00 (from $55.00) while maintaining an Outperform rating.

Analyst Ian Zaffino commented, "The impact of new CEO Nik Varty has become apparent. In his quest for “sustainable, high profit growth,” he has already improved Terminix retention levels at a better than expected rate and achieved high-single-digit top-line growth at the soon-to-be spun off AHS. Even the smaller FSG unit has improved, as Varty made the division a higher priority. We anticipate a Form 10 to be filed in 3Q18 just prior to the SpinCo’s debt offering; the spin-off should occur within four weeks of the filing. Maintain Outperform and raise target to $62, from $55."

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