Jesup & Lamont Initiates GP Strategies (GPX) with a Buy
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Jesup & Lamont initiates coverage on GP Strategies (NYSE: GPX) with a Buy rating and a $12.50 price target.
The firm highlighted that new arrangements with CIGNA (NYSE: CI) and WellPoint (NYSE: WLP) highlight a substantial and relatively new initiative in Business Process Outsourcing that appears to have gained considerable traction. Also, the recent acquisition of Sandy, a company that specializes in the training of sales personnel in the automotive industry, has been very successful. Finally, GPX is raising its international profile by opening offices in India, Malaysia, Singapore, China, and Germany while the company's offices in France and the UK signify the company’s efforts to take advantage of growth overseas. The firm's 8.5x Price to EBITDA multiple guides them to their price target of $12.50.
GP Strategies Corporation provides customized training solutions focused on performance improvement initiatives, as well as consulting, engineering, and technical services.
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