JMP Securities Downgrades WageWorks (WAGE) to Market Perform
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JMP Securities analyst David Scharf downgraded WageWorks (NYSE: WAGE) from Market Outperform to Market Perform.
The analyst comments "We are not comfortable with a valuation range over 10-11x EV/EBITDA until we obtain additional clarity on the revenue growth trajectory over the next few years. Yesterday’s closing price of $49.10 is a 13.7x multiple of enterprise value to 2018 EBITDA guidance at the midpoint, and our neutral bias outlook takes into account the expected sell-off in the shares today (we have not yet adjusted our model to reflect the new guidance)."
Shares of WageWorks closed at $49.10 yesterday.
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