FBR Capital Raises Price Target on EMCOR Group (EME) to $62 Following 2Q Report
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FBR Capital reiterated a Market Perform rating on EMCOR Group (NYSE: EME), and raised the price target to $62.00 (from $52.00), following the company's 2Q earnings report. FBR raised its 2016 GAAP EPS to $3.07 (from $2.85) and raise 2017 GAAP EPS to $3.43 (from $3.20).
Analyst Alex Rygiel commented, "On July 28, EMCOR Group announced 2Q16 results that significantly exceeded our expectations and those of consensus, marking record quarterly revenue and record 2Q results across operating income, net income, revenue, and EPS. Revenue grew 12.3% organically (the fifth consecutive quarter of positive organic growth), mostly due to strong organic growth within the U.S. construction and industrial segments; operating income increased 19% YOY, for an operating margin of 4.8% (+10 bps YOY, +160 bps sequentially); adjusted EPS were $0.95 (versus our estimate of $0.70 and consensus' $0.71). Backlog was mostly flat sequentially, despite the high revenue burn in the quarter. Revenue and EPS guidance were raised for 2016, mostly to account for the 2Q beat. We raise our estimates and price target—to $62, from $52; we maintain Market Perform."
Shares of EMCOR Group closed at $57.28 yesterday.
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