Imperial Capital Raises Price Target on NIC (EGOV) Following 3Q Report

November 18, 2016 7:53 AM EST
Get Alerts EGOV Hot Sheet
Price: $24.90 -1.58%

Rating Summary:
    1 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
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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."

For an analyst ratings summary and ratings history on NIC Inc. click here. For more ratings news on NIC Inc. click here.

Shares of NIC Inc. closed at $24.70 yesterday.

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