UPDATE: Piper Jaffray Initiates On ABM Industries On Strong Market Positioning

In a report published Monday, Piper Jaffray analyst George Tong initiated a Neutral rating on ABM Industries (NYSE: ABM) and initiated a price target of $29.00.

In the report, Piper Jaffray says "We are initiating coverage on ABM Industries with a Neutral rating and $29 price target. We believe ABM's diversified platform across segments in facilities services uniquely positions it to capture market share and benefit from rising industry demand in the context of an improving macro backdrop. Recent restructuring actions put in the infrastructure to enhance cross-selling to drive further organic growth, market share gains and customer retention. We find ABM's strong market positioning and execution balanced near-term by a relatively fair valuation."

ABM closed on Monday at $27.92.