Needham & Company Cuts Price target Following Mobile Mini's (MINI) Weak 3Q
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Needham & Company maintained a Buy rating on Mobile Mini (NASDAQ: MINI), and cut the price target to $34.00 (from $37.00), following the company's 3Q earnings report. MINI reported 3Q rev of $129M, Adjusted EBITDA of $46.7M, and non-GAAP EPS of $0.31. Consensus was $133M in rev, $51.6M in EBITDA and $0.37.
Analyst Sean Hannan commented, "MINI's 3Q resulted in another quarterly miss, driving notable price pressure (-16% on 10/25) for shares already trading toward the low-end of its historical range. While F/X is out of mgmt.'s control (owing to $USD/GBP post Brexit decision), we believe the internal sales productivity is within mgmt.'s control for improvement in coming qtrs. while MINI's ERP implementation should soon be nearing an end as a drag to SG&A. Further, various metrics such as activations, pricing, and endmarket conditions (not volatile) remain positive across the majority of MINI's business. Consequently, we do tweak down our target on our lowered estimates with a focus on an EV/'17 EBITDA valuation approach of ~12x (~midpoint of historical range, appropriate for a bottoming scenario), but we believe shares appear to be oversold. Reiterate Buy."
Shares of Mobile Mini closed at $24.30 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
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