Oppenheimer Raises Price Target on McGrath Rentcorp (MGRC), Nice Dividend Yield and Outlook

Oppenheimer is reaffirming its Outperform rating on shares of McGrath Rentcorp (NASDAQ: MGRC) and is raising its price target from $34 to $36.

The firm notes they are quite pleased with Steve Adler's first investor-facing appearance, particularly Adler Tank's culture, supplier relationships, and competitive differentiation.

The company is currently running 5 business out of three core segments and is able earn double-digit growth with favorable long-term prospects. The firm is forecasting EPS of $1.89 and $2.04 for 2011 and 2012.

An analyst at Oppenheimer comments, "Following its second consecutive "beat and raise" quarter in Q3, MGRC delivered a bullish message last week via multi-city marketing and its first ever Investor Day. All were well received by investors in this still below the radar robust growth gem with a 3.4 percent dividend yield."

For an analyst ratings summary and ratings history on McGrath Rentcorp click here. For more ratings news on McGrath Rentcorp click here.

Shares of McGrath Rentcorp closed at $27.55 yesterday.

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