William Blair downgraded Karat Packaging (KRT) to Market Perform from Outperform without a price target Based on the firm’s channel conversations, it believes industrial maintenance, repair, and operations sales were down 1% in Q4. Trends were unchanged in October and November, but December was soft due to extended plant shutdowns and holiday timing, the analyst tells investors in a research note. Looking to 2025, Blair says that while lower interest rates and “animal spirits” under President Trump provide optimism, it expects soft industry activity into early 2025. The companies will issue “conservative” outlooks given limited visibility and tariff uncertainty, contends William Blair. It downgraded Hillman Solutions and Karat Packaging with industrial maintenance, repair, and operations “staying sluggish” into 2025.
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