ASGN plummets after weak Q2 forecast; brokerages cut PT

Everforth

23/04/2026 14:55

** IT services provider ASGN ASGN.N tumbles 39.75% to $24.36, on track for its steepest one-day drop on record

** Co forecasts Q2 revenue between $970 million and $1 billion, the midpoint of which is below analysts' estimates of $990.7 million, per LSEG data

** Expects Q2 adj. profit per share of $0.72 to $0.90, below estimates of $1.15

** At least four brokerages cut PT

** Truist Securities downgrades ASGN to "hold" from "buy", says results support a bearish view that AI could disrupt demand for expensive commercial software implementation services, which are high-margin offerings for ASGN

** Adds ASGN is also undergoing a multi-quarter transition toward consulting, which Truist believes could be operationally disruptive

** William Blair, however, says ASGN's transition toward higher-value IT consulting solutions should eventually produce higher quality growth and margins

** Including session's moves, ASGN down 48.7% YTD

(Reporting by Ragini Mathur in Bengaluru)

((Ragini.Mathur@thomsonreuters.com;))