Oppenheimer Remains Bullish on Corelogic (CLGX) Following 3Q Report
- Banks, telecoms lead Wall Street up; another Dow record
- Western Digital (WDC) Raises Q2 Outlook
- bluebird bio (BLUE) to Offer $200M of Common Stock
- Dave & Buster's Entertainment (PLAY) Tops Q3 EPS by 11c, Raises FY Revenue Guidance
- After-Hours Stock Movers 12/06: (PLAY) (ANTH) (WDC) Higher; (AVAV) (ESV) (BLUE) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Oppenheimer reiterated an Outperform rating and $45.00 price target on CoreLogic (NYSE: CLGX) following the company's 3Q earnings report. CLGX reported revenue growth of ~36% Y/Y to $524M, ahead of $501M estimates. Adjusted EPS was $0.73, ahead of the Street's $0.66 estimates.
Analyst Glenn Greene commented, "CoreLogic reported solid 3Q16 results with ~36% revenue growth to $524M and adj. EBITDA of ~$143M (vs. our $137M est.). PI growth of ~79% Y/Y (perhaps ~5% organic CC; by our est.) reflects the recent Valuation Solutions Group (VSG) acquisitions. RMW revenue grew 6% Y/Y, reflecting higher US mortgage volumes, pricing benefits, and share gains, offset by lower project-related revenue and the roll-off of non-core businesses. Reflecting upside 3Q16 results, CLGX suggests it is tracking toward the high end of FY16 guidance i.e., revenue of $1.89-1.92B, adj. EBITDA of $480-500M, and adj. EPS of $2.20-2.30, which we suspect could prove conservative. CLGX also upped its CY17 cost savings expectation to $30M (incremental EPS of ~$0.11). Maintain Outperform rating. Estimates under review."
Shares of CoreLogic closed at $39.31 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mizuho Securities Raises Price Target on Francesca's (FRAN) Following 3Q Beat
- Mizuho Securities Raises Price Target on Noble Midstream Partners LP (NBLX) to $37
- Wedbush Raises Price Target on Gibraltar Industries (ROCK) to $52; Reiterates Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!