ABM Industries Incorporated

Company Overview:  ABM Industries Incorporated (NYSE: ABM) offers comprehensive facility solutions through its five business divisions, which are Aviation, Business & Industry (B&I), Education, Technology & Manufacturing (T&M), and Technical Solutions.

As per the previous ‘Report published on ABM dated 14^th June 2022, Kalkine provided a ‘BUY’ stance on the stock at USD 38.22 based on ‘consistent revenue cycle, high net income, liquidity, capital structure, and upside indicated based on Valuation done, the stock price has now moved by ~27.60% since then, and stock is now hovering above the Resistance 1 and Resistance 2 levels.

Noted below are the details of support and resistance levels provided in our previous report:

ABM’s Daily Chart

(Source: Refinitiv, Analysis done by Kalkine Group) 

Considering the above resistance, beyond target attainment, the current trading levels, associated risks with the stock, and volatile market conditions on the back of rising interest rates, a ‘Sell’ rating is assigned to the “ABM” at the closing market price of USD 48.77 as of August 19, 2022. 

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is August 22, 2022. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and or technical analysis, taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’