Chardan Capital Markets Starts WageWorks (WAGE) at Buy
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Chardan Capital Markets initiates coverage on WageWorks (NYSE: WAGE) with a Buy rating and a price target of $86.00.
Analyst Steven Wardell commented, "WageWorks is a leading provider of Consumer Directed Benefit (CDB) services to employers. We expect strong growth for WageWorks over the next two years based on our recent channel checks. We see growth from multiple sources as employers shift healthcare costs onto employees and employees turn to WageWorks products for tax advantages in paying for healthcare. We see 16% upside for the name in the next 12 months."
He added, "We see the Consumer Directed Benefits market, which includes Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs), as an attractive $6b addressable market, with growth driven by powerful trends including employer cost cutting and the consumerization of healthcare. WageWorks is a market leader with approximately 10% market share. In addition the market is consolidating and WageWorks is a proven consolidator in the sector, providing an inorganic-growth option for the company."
Shares of WageWorks closed at $73.30 yesterday.
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