Credit Suisse Raises Price Target on Mistras Group (MG) Following Solid Q3 Results
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Price: $18.10 -1.31%
Rating Summary:
6 Buy, 7 Hold, 0 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 7 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Credit Suisse is reiterating its Outperform rating on shares of Mistras Group (NYSE: MG) and is raising its price target from $17.50 to $20 following its Q3 results and conference.
The company released its Q3 results with an EPS of $0.09 and revenue of $79.2 million. It released its Q4 guidance with revenue range of $88.5-$103.5 million and an EBITDA range of $12.6-$15.1 million.
The firm notes that the company's revenue beat the Streets expectations due to an upside in the Service Products & Systems sector. The Oil & gas end market was also up 20% q/q on new orders in both upstream & midstream, while other markets were +30% q/q. MG won 3 new evergreen contracts during FQ3.
The firm is lowering its FY11 EPS estimate by $0.02 to $0.56, but is raising its FY12 by $0.03 to $0.73 and its FY13 by $0.05 to $0.89.
Credit Suisse reports, "MG filed a mixed shelf registration for up to $80m in primary & 2.764m shares in a secondary offering. Because MG has historically done bolt-on M&A to improve customer reach and add new technologies, we expect the primary proceeds will be used for M&A. The offering will improve liquidity in the stock."
For more ratings news on Mistras Group click here and for the rating history of Mistras Group click here.
Shares of Mistras Group closed at $17.88 yesterday.
The company released its Q3 results with an EPS of $0.09 and revenue of $79.2 million. It released its Q4 guidance with revenue range of $88.5-$103.5 million and an EBITDA range of $12.6-$15.1 million.
The firm notes that the company's revenue beat the Streets expectations due to an upside in the Service Products & Systems sector. The Oil & gas end market was also up 20% q/q on new orders in both upstream & midstream, while other markets were +30% q/q. MG won 3 new evergreen contracts during FQ3.
The firm is lowering its FY11 EPS estimate by $0.02 to $0.56, but is raising its FY12 by $0.03 to $0.73 and its FY13 by $0.05 to $0.89.
Credit Suisse reports, "MG filed a mixed shelf registration for up to $80m in primary & 2.764m shares in a secondary offering. Because MG has historically done bolt-on M&A to improve customer reach and add new technologies, we expect the primary proceeds will be used for M&A. The offering will improve liquidity in the stock."
For more ratings news on Mistras Group click here and for the rating history of Mistras Group click here.
Shares of Mistras Group closed at $17.88 yesterday.
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