In a report released today, Kevin Steinke from Barrington maintained a Buy rating on SP Plus Corporation (SP), with a price target of $43. The company’s shares closed yesterday at $30.87, close to its 52-week low of $29.38.
Steinke noted:
“We are raising our 2019 estimates to reflect the acquisition. Our 2019 adjusted EBITDA estimate is now $118.0 million, a 21% increase from our prior estimate. Our 2019 adjusted EPS estimate increases to $2.57, which is 9% higher than our previous forecast of $2.36. SP Plus has not given 2019 guidance yet, but plans to do so in February when it reports Q4/18 results. The lower percentage increase in our adjusted EPS estimate relative to our adjusted EBITDA estimate is due to anticipated increases in amortization expense and interest expense resulting from the Bags acquisition.”
According to TipRanks.com, Steinke is a 1-star analyst with an average return of -0.8% and a 46.4% success rate. Steinke covers the Services sector, focusing on stocks such as Cross Country Healthcare, Echo Global Logistics, and Heidrick & Struggles.
Currently, the analyst consensus on SP Plus Corporation is a Moderate Buy with an average price target of $43.
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The company has a one-year high of $42.75 and a one-year low of $29.38. Currently, SP Plus Corporation has an average volume of 76.98K.
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SP Plus Corp. engages in the provision of parking management, ground transportation, and other ancillary services to commercial, institutional, and municipal clients. It operates through the following segments: Region One, Region Two, and Other.
