Oppenheimer Raises Price Target on Mobile Mini (MINI) to $34 After Meeting with Management
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Oppenheimer reiterated an Outperform rating on Mobile Mini (NASDAQ: MINI), and raised the price target to $34.00 (from $29.00), after meeting with management. Oppenheimer sees an increased sense of urgency relating to the sales organization. MINI highlighted enhanced customer procurement tools, its intention to nearly double its sales management team to better support new sales hires through their initial months/quarters, and an improved guaranteed commission structure to incentivize new hires to perpetuate within the organization.
Analyst Scott Schneeberger commented, "We recently met with MINI's CEO/CFO. Following subdued performance in 2Q16/3Q16 on sales force disruption, we see an increased sense of urgency relating to the sales organization. Citing insufficient tools, oversight/coaching, and incentives as detractors, MINI's enhancing its sales software, nearly doubling sales managers, and improving guaranteed commission structure for new hires. Inferring improvement in turnover in recent weeks, continued advancement would likely spur upside to our low- to mid-single-digit 2017 revenue growth expectation given continued non-residential construction growth, which may be bolstered by perceived future infrastructure spending. Expecting lower capex in 2017, we anticipate free cash flow to grow significantly. MINI's allocation appears focused primarily on its dividend (2.7% yield)/leverage reduction, with acquisitions/share repurchases likely secondary. Reiterate Outperform/PT from $29 to $34."
Shares of Mobile Mini closed at $30.90 yesterday.
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