In a report released today, Kevin Steinke from Barrington maintained a Buy rating on SP Plus Corporation (NASDAQ: SP), with a price target of $43. The company’s shares opened today at $39.20.
Steinke observed:
“We are increasing our 12-month price target to $43 (from $42), which assumes an EV/NTM EBITDA multiple of approximately 10x one year from now compared to the current multiple of 10.2x (based on our estimates). Our investment rating is OUTPERFORM.”
According to TipRanks.com, Steinke is a 4-star analyst with an average return of 6.7% and a 64.7% success rate. Steinke covers the Services sector, focusing on stocks such as Cross Country Healthcare, Echo Global Logistics, and Heidrick & Struggles.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for SP Plus Corporation with a $43 average price target.
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Based on SP Plus Corporation’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $15.3 million. In comparison, last year the company had a net profit of $16.2 million.
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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.
