BRP Group Inc. (BRP) PT Raised to $39 at Wells Fargo

Wells Fargo analyst Elyse Greenspan raised the price target on BRP Group Inc. (NASDAQ: BRP) to $39.00 (from $34.00) while maintaining an Overweight rating.

The analyst commented, "Earlier this week (on 9/13), BRP announced that it is acquiring Jacobson, Goldfarb & Scott (JGS), and BRP also announced an equity offering to help fund the deal as the company now plans to exceed its prior M&A outlook for this year. Our 2021 EPS estimate is now $0.80 (unchanged from our prior estimate), reflecting the acquired revenue from the JGS announcement, the stronger M&A outlook for 2021 and the equity offering, while our 2022 and 2023 EPS estimates are now $1.26 and $1.67 (from $1.24 and $1.60) to reflect the initial M&A guide provided for next year. While our EPS estimates went up by 2% and 5% in 2022 and 2023, respectively, our adjusted EBITDA figures went up by a greater 12% and 15%, as the impact on EPS was lower due to accounting for the equity offering and the equity issued to JGS to finance the deal. Lastly, our price target goes to $39 (from $34) based on our blended multiple analysis applied to our 2023 estimates."

You May Also Be Interested In

• Bristol-Myers Squibb Co. (BMY) PT Lowered to $64 at Truist Securities
• First Cash Financial (FCFS) PT Lowered to $140 at TD Cowen
• Keurig Dr Pepper (KDP) PT Raised to $39 at Jefferies