Blue Bird Corp (BLBD) PT Raised to $52 at Needham

Needham analyst Chris Pierce raised the price target on Blue Bird Corp (NASDAQ: BLBD) to $52.00 (from $44.00) while maintaining a Buy rating.

The analyst commented: "We reiterate our Buy rating and raise our price target to $52 post 2QF24 results and commentary. BLBD handily beat consensus estimates, raised full year guidance and increased their long term adj EBITDA margin guidance, benefiting from a cyclical recovery in school bus purchases and subsidized EV school buses pushing ASPs meaningfully higher and expanding BLBD's margin opportunity as school districts utilize government funding.

Our new $52 target is 10x our updated FY25 adj EBITDA estimate, a discount to the 14% adj EBITDA growth in our model, with our '27 estimates below the low end of BLBD's new long-term guidance."

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