Core Viewpoint - Bank of America (BofA) has adopted a conservative stance on WillScot Holdings Corporation (WSC), lowering its price target to $25 from $27.50 while maintaining a Buy rating, due to uneven modular demand and a lack of clear recovery in storage [1] Financial Performance - WillScot reported mixed earnings for Q3 2025, with revenues of $566.8 million, a decrease of 5.75% year-over-year, and leasing revenues of $434 million, down 4.7% from the previous year [1] - The company experienced lower Canadian and seasonal storage revenues compared to the prior year, which did not meet expectations, although its EBITDA margin improved to 42.9%, an increase of 60 basis points sequentially [1] Cash Flow and Debt Management - WillScot generated $191 million in operating cash flow at a margin of 33.7% and free cash flow of $122 million at a margin of 21.6% [2] - The company utilized $84 million to pay down outstanding debt and allocated $21 million for dividends and share repurchases, in addition to deploying $8 million for a tuck-in acquisition [2] Market Position and Investment Outlook - WillScot is recognized for its portable and modular storage services, but there is a belief that certain AI stocks may offer greater upside potential with less downside risk [3]