Montrose Environmental Group (MEG) PT Raised to $58 at Needham & Company

Needham & Company analyst James Ricchiuti raised the price target on Montrose Environmental Group (NYSE: MEG) to $58.00 (from $50.00) while maintaining a Buy rating.

The analyst commented, "We have grown more optimistic about MEG’s prospects over the next two years with potential incremental catalysts based on the Biden Administration’s infrastructure plan. While there is certain to be a good deal of horse-trading before a final package emerges, we believe elements of the plan, which include ~$110B in water infrastructure investment – could favorably impact MEG and stand a good chance of being funded. Even without an infrastructure bill, we believe MEG is well positioned to deliver upside surprises to expectations over the next year as the company builds on its growing brand and expands its footprint in the highly fragmented global environmental services market. We reiterate our Buy rating."

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