Equifax (EFX) PT Raised to $290 at JPMorgan

JPMorgan analyst Andrew Steinerman raised the price target on Equifax (NYSE: EFX) to $290.00 (from $230.00) while maintaining a Overweight rating.

The analyst comments "Following the MBA’s (Mortgage Bankers Association) release of its January mortgage finance forecast on Monday, we are updating our EFX estimates to reflect the anticipated recovery in mortgage market activity with interest rate cuts. We forecast EFX’s mortgage revenues to increase +24% y/y in 2024 and +16% y/y in 2025. Our estimates reflect non-mortgage revenue growth of +10% y/y in each 2024 and 2025. With high incremental margins from mortgage related revenue, we revise up our 2024E EPS to $8.94 (from $7.92) and our 2025E EPS to $11.14 (from $9.56). Correspondingly, we are increasing our Dec-24 price target to $290 (from $230), based on a 26x P/E applied to our new 2025E EPS. Our PT reflects +17% upside to EFX’s current stock price."

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