Jefferies Cuts Price Target on Gain Capital (GCAP); Reiterates Buy
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Jefferies maintained a Buy rating on Gain Capital Holdings (NYSE: GCAP), and cut the price target to $7.00 (from $8.00), following the company's 3Q earnings report. Net revenues of $72.2M came in ahead of $69.0M estimates with retail revenue the primary driver.
Analyst Daniel Fannon commented, "3Q16 adjusted EPS of -$0.12 vs our -$0.21 estimate and consensus of -$0.19. YTD trends in retail activity and revenue capture remain choppy, but with a positive bias of late. Margins should grind back up and there remains approx. $5M of run rate synergies to be removed from the fixed expenses by year end. While volumes have come down, the mix of retail activity appears more balanced and profitable."
Shares of Gain Capital Holdings closed at $4.57 yesterday.
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