KeyBanc Raises Price Target on McGrath Rentcorp (MGRC) Following Talks With Management

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KeyBanc is reiterating its Buy rating on shares of McGrath Rentcorp (NASDAQ: MGRC) and is raising its price target from $28 to $32 following investor meetings and MGRC's analyst breakfast on Friday.

The firm believes that the company is "on track to enjoy strong earnings improvement driven by robust revenue and margin prospects at Adler Tanks and supplemented by modest growth in its TRS-RenTelco and non-California businesses."

Given the company's attractive earnings growth profile and the firm's view that MGRC has a better collection of businesses with the addition of Adler Tanks, KeyBanc doesn't believe shares should be trading at a 15 percent discount to its historical valuation.

KeyBanc is raising its price target from $1.72 and $1.86 to $1.91 and $2.08.

For an analyst ratings summary and ratings history on McGrath Rentcorp click here. For more ratings news on McGrath Rentcorp click here.

Shares of McGrath Rentcorp closed at $27.55 yesterday, with a 52 week range of $21.61-$29.21.

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