Needham Reiterates a Buy Rating on Montrose Environmental Group (MEG)

Needham analyst James Ricchiuti reiterated a Buy rating on Montrose Environmental Group (MEG) today and set a price target of $35.00. The company’s shares closed last Thursday at $27.65.

According to, Ricchiuti is a top 100 analyst with an average return of 20.6% and a 67.5% success rate. Ricchiuti covers the Technology sector, focusing on stocks such as Teledyne Technologies, Benchmark Electronics, and Faro Technologies.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Montrose Environmental Group with a $37.00 average price target, which is a 33.7% upside from current levels. In a report issued on November 30, Merrill Lynch also upgraded the stock to Buy with a $40.00 price target.

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Based on Montrose Environmental Group’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $84.71 million and GAAP net loss of $30.74 million. In comparison, last year the company earned revenue of $57.62 million and had a GAAP net loss of $6.68 million.

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Media General Inc was incorporated as Legacy Media General in Virginia and became a public company in 1969. The Company owns or operates 31 network-affiliated broadcast television stations as well as related websites and mobile news applications. The Company’s network affiliations include twelve CBS stations, nine NBC stations, seven ABC stations, one FOX station, one CW station and one MyNetworkTV station. Media General’s stations operate across 28 markets, reaching approximately 16.5 million, or 14 percent, of U.S. TV households. The ownership, operation and sale of television stations are subject to the jurisdiction of the Federal Communications Commission, which acts under the authority granted by the Communications Act of 1934, as amended.

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