Truist Securities Starts APi Group Corporation (APG) at Buy

Truist Securities analyst Jasper Bibb initiates coverage on APi Group Corporation (NYSE: APG) with a Buy rating and a price target of $45.00.

The analyst comments "APi Group (APG) is an underappreciated name initially coming public via a 2019 SPAC quietly holding the leading market position in US Fire Protection. We think APG is poised to deliver MSD organic growth, 50-70bps of annual margin expansion and 10%+ EPS growth. In our view, the company should have a long runway of accretive tuck-in M&A to increase recurring Inspection/Service/Monitoring revenue mix (54% today) and drive margin expansion. Over time, we believe APG's multiple could expand to ~15x from ~13x today, still a discount to leading public peers and PE-owned competitors. Initiate at Buy/$45 PT."

For an analyst ratings summary and ratings history on APi Group Corporation click here. For more ratings news on APi Group Corporation click here.

Shares of APi Group Corporation closed at $38.36 yesterday.

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