Sharps Compliance (SMED) PT Raised to $14 at Stifel On Upside and Visibility
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Stifel analyst Michael E. Hoffman raised the price target on Sharps Compliance (NASDAQ: SMED) to $14.00 (from $12.00) after the company reported better than expected 2Q21 results driven by 41% Y/Y growth in its Route Based business as well as $2.2mm in new COVID related Mailback business. Guidance for 3Q21 increased to $15mm from $10mm with robust customer indications through June.
The analyst reiterated the Buy rating, stating "Our valuation increase is driven by expectations for durable longer-term COVID vaccination demand, continued double digit RouteBased revenue growth and almost 40% incremental gross margins." "SMED has successfully expanded its processing capacity and transitioned into a full service regulated medical waste (RMW) collection and disposal company. The stability and growth potential provided by SMED Route Based collection and Unused Medication businesses combined with attractive operating leverage support our $14.00 target price. Upside to our current valuation would come from sustained flu business above historical averages and/or SMED's ability to drive more predictable growth within the Pharmaceutical segment."
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