Barrington Sticks to Its Buy Rating for SP Plus Corporation (SP)


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 opened today at $32.48.

Steinke observed:

“We maintain our 12-month price target of $43, which assumes an EV/NTM EBITDA multiple of 10.5x one year from now. Based on our estimates, the stock currently trades at an EV/NTM EBITDA multiple of 9.5x. Our investment rating remains OUTPERFORM.”

According to TipRanks.com, Steinke is a 1-star analyst with an average return of -2.1% and a 46.9% 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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Based on SP Plus Corporation’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $10.6 million. In comparison, last year the company had a net profit of $15.3 million.

Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is negative on the stock.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

SP Plus Corp. provides professional parking, ground transportation, facility maintenance, security, event logistics, and baggage handling and related services to commercial, institutional, municipal and aviation clients. It also provides a wide range of event logistics services. The company was founded in 1929 and is headquartered in Chicago, IL.

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