Canaccord Adams Maintains 'Buy' on ICF International (ICFI); Raises PT
More News related to ICFI
- Autodesk and ICF Outline Path to Achieving Carbon Reductions in Buildings
- ICF International Announces Retirement of CFO in 2010
- ICF International CEO Sudhakar Kesavan Named Executive of the Year
- ICF International (ICFI) Subsidiary Wins $5M Technical Assistance Contract
- ICF International Wins $5M Award With the Department of Health and Human Services
Canaccord Adams maintains 'Buy' on ICF International (Nasdaq: ICFI), price target increased $34.
Canaccord analyst says, "Once again, ICF demonstrated the strength and consistency of its business despite the overall weakness in the economy. Most notably, the company’s organic revenue growth was 14.1%, up from the prior quarter’s 9.2%, due to gains in federal business and energy efficiency programs, as well as an increase in the firm’s commercial transportation business. At the end of Q3, backlog was up by $200M to $1.4 billion, including funded backlog of $556M (38.8% of the total). Management guided for Q4/09 revenue of $165-$170M and EPS of $0.30-$0.33. For 2010, the company guided for revenue of $715-$750M and EBITDA margins of 9-10%. Because these forecasts are in line with our prior estimates, we make no changes to revenue or EPS forecasts...Given the consistency and visibility of ICF’s business, we feel a higher EV/EBITDA multiple is appropriate when valuing the stock. We therefore increase our price target to $34 (from $32), which is based on 10x EV/2010E EBITDA (up from 9.5x previously)."
To see more analyst ratings on ICFI Click Here.
Related Categories
Analyst CommentsStocks Mentioned
-0.16Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
