Imperial Capital Raises Price Target on NIC (EGOV) Following 3Q Report
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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."
Shares of NIC Inc. closed at $24.70 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Imperial Capital
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