UPDATE: Truist Securities Starts HireRight Inc. (HRT) at Hold
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Truist Securities analyst Andrew Jeffrey initiates coverage on HireRight Inc. (NYSE: HRT) with a Hold rating, PT $20.00.
The analyst comments "We like HireRight's position in the evolving global Employment Background Screening market, a $5b+ TAM, projected to grow at a 9% CAGR through C26. We see the co benefiting from a leading tech platform, proprietary data, a focus on fast growing vertical markets/gig economy, compliance specialization and accelerating product innovation. Our Hold reflects a view that multiple expansion will be constrained by decelerating organic revenue growth in a normalizing post-COVID economy, risk that accelerated hiring demands ironically squeeze background check providers, belowpeer EBITDA margin and above-peer leverage. We argue HireRight's position on our Info Services Embeddedness Pyramid merits a relative discount "
Shares of HireRight Inc. closed at $18.13 yesterday.
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