BofA Securities downgraded Cadre Holdings (NYSE:CDRE) to Underperform from Neutral and lowered its price target to $26.00 from $38.00.

The analysts noted that concerns highlighted in a prior downgrade — including slow growth and a challenging M&A environment — have persisted. Since reporting second-quarter results, the firm pointed to the potential for additional pressure on organic growth in the second half of 2025, citing a 1% decline in Q2 and management’s comments on contract delays.

Investor sentiment appeared to reflect these concerns, with Cadre’s shares falling about 16% on August 6, while the S&P 500 rose roughly 1%. The new price target of $26 is based on a relative EV/EBITDA multiple for 2026 estimates, which remains unchanged.