Tuesday, August 11, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
George Proost, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Execution continues to improve. Management reiterated that second quarter results were in line with expectations while highlighting meaningful progress across its five strategic priorities, including cost reduction, financial discipline, portfolio optimization, and pipeline conversion. Six months into the transformation, management believes the company is beginning to see tangible operational improvements.
Transportation exit strengthens the financial profile. The announced sales of the Transit and Tolling businesses are expected to generate approximately $234 million of gross proceeds, reduce off-balance-sheet obligations by roughly 80%, lower capital requirements, and provide significant flexibility to reduce debt while sharpening management’s focus on its core businesses.
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