Barclays Reiterates an 'Overweight' on The Geo Group (GEO); ICE's 1,300-bed Deal, Sign of More to Come

Barclays reiterates an 'Overweight' on The Geo Group (NYSE: GEO), PT $32.

Barclays analyst says, "In another positive development, GEO announced the signing of a 1,300-bed IGSA with the City of Adelanto (CA) and ICE...We continue to like GEO and reiterate our rating. In our view, GEO remains well positioned to benefit from the US adult beds opportunities (like Corrections Corp (NYSE: CXW)) and also possesses the diversification to benefit from opportunities in other correctional services across the U.S., Australia/New Zealand, UK, and South Africa." (Barclays raises FY12 EPS estimate from $1.73 to $1.77)

For more ratings news on The Geo Group click here and for the rating history of The Geo Group click here.

Shares of The Geo Group closed at $23.74 yesterday.

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