WillScot Mobile Mini Holdings Corp. (WSC) PT Raised to $36 at Oppenheimer

Oppenheimer analyst Scott Schneeberger raised the price target on WillScot Mobile Mini Holdings Corp. (NASDAQ: WSC) to $36.00 (from $32.00) while maintaining an Outperform rating.

The analyst commented, "Reiterating our Outperform rating, we're increasing our target to $36. Business conditions appear to be trending favorably, including WSC's core construction end-market. An overhang has been eliminated with WSC's long-standing private equity sponsor fully exiting its ownership position recently. We remain drawn to WSC's (high incremental margin) rental rate growth momentum, which accelerated y/y in 2Q21 as the company's core segments all delivered double-digit growth. We anticipate the elevated rental rate growth to perpetuate via continued price increases and further expansion/penetration of Value Added Products & Services (VAPS), such as furniture rental. Furthermore, with the Mobile Mini integration largely complete, we anticipate incremental realization of synergies and future M&A activity. Taken together, we view WSC well positioned to deliver accelerating FCF generation in coming quarters/years."

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