WageWorks (WAGE) Post Solid Q1; Numbers Raised at Needham & Company

May 10, 2013 8:09 AM EDT
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Price: $71.90 +1.13%

Rating Summary:
    6 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Needham & Company reiterated its Buy rating and raiesd its price target on WageWorks (NYSE: WAGE) from $26 to $30 following solid Q1 results with strength across the board.

Analyst Michael Huang notes, "Q1 was another solid quarter, highlighted by upside across the board (revenue, EPS, EBITDA), increased participant rates y/y (especially Commuter, but also HRA, HSA), impressive AFLAC wins (175 new customers), and accelerating organic revenue growth rate (to 11.5% from single digit growth). "

He continued, "We're encouraged by management's upbeat commentary especially around pipeline growth (up y/y), ramping cross-selling activity, ramping sales productivity, upcoming new partner activity, and stable/improving end markets (consumer directed benefits are top of mind for employers and employees)."

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

Shares of WageWorks closed at $25.98 yesterday.

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