UPDATE: Seaport Global Securities Upgrades NV5 Holdings (NVEE) to Buy
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(Updated - September 19, 2016 9:25 AM EDT)
Seaport Global Securities upgraded NV5 Holdings (NASDAQ: NVEE) from Accumulate to Buy with a price target of $36. Analyst Ryan Cassil said several top-line catalysts appear to be underappreciated. He also said takeout possibility is "increasingly likely."
"Takeaways from our recent non-deal roadshow with management indicate that the M&A pipeline remains more robust than ever before. In addition, we are incrementally more confident that not only can NVEE achieve its $300MM revenue run-rate by year end, but that it will also likely have significant additional M&A growth opportunities in 2017. We anticipate that organic growth trends also have upward momentum given the increase in environmental work in the South/Southeast, as well as state work in the Northeast. We believe the recent market pullback is an opportunity to pick up a double-digit top-line growth company with M&A opportunities in front of it for 16x 2017E (excluding any future M&A) EPS. Our price target remains at $36, which represents 20x our 2017 EPS estimate," said Cassil.
The analyst added, "Management has a history of building and selling public companies, and we do not see a change in philosophy at NVEE. As the company approaches $40MM-$50MM in EBITDA, we believe CEO Dickerson Wright could potentially look to make an exit via the sale of the business."
Shares of NV5 Holdings closed at $29.00 yesterday.
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