Imperial Capital Raises Price Target on NIC (EGOV) Following 3Q Report
- Wall St. slips as countdown to Trump's swearing-in begins
- Netflix, Inc. (NFLX) Tops Q4 EPS by 1c; Subs Beat Views
- Apple (AAPL) PT Raised to $140 at BofA/Merrill Lynch; iPhone 8 Will be 'Super-Long' Cycle
- Morgan Stanley Upgrades Tesla Motors (TSLA) to Overweight
- CP's (CP) Outgoing CEO Hunter Harrison, Activist Paul Hilal Said Set to Target CSX Corp. (CSX)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Imperial Capital reiterated an In-Line NIC Inc. (NASDAQ: EGOV), and raised the price target to $23.00 (from $21.00), following the company's 3Q earnings report. EGOV reported quarterly revenue of $80mn, slightly better than estimates of $79mn. EPS of $0.25 was above estimates of $0.19.
Analyst Jeff Kessler commented, "We are maintaining our In-Line rating on EGOV shares and raising our one-year price target to $23 from $21, about 7% above the recent share price. We are raising our valuation multiple to 16.8x from 15.4x, based on FY17 EBITDA. We continue to believe that NIC’s business model gives it significant competitive advantage over other service providers that typically use a time-and-materials project-based pricing approach that is less customizable for the client, and is harder to turn into a long-term relationship."
Shares of NIC Inc. closed at $24.70 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fastenal (FAST) PT Raised to $49 at Credit Suisse Following 4Q
- Kroger (KR) PT Raised to $33 at Credit Suisse; Reiterates Neutral
- Cree (CREE) PT Raised to $23 at Canaccord Genuity
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Imperial Capital
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!