Deutsche Bank upgraded Equifax (NYSE: EFX) from Hold to Buy with a price target of $111.00 (from $101.00). Analyst Paul Ginocchio highlighted strong non-macro related growth.

"Another new contract win announced yesterday adds to the existing stable of company specific rev & EPS drivers. It is hard to think of any company looking more forward to 2H16 than EFX. Our 1QE EPS rises a penny to $1.15 (prior Street at $1.17), and ‘16E rises from $4.96 to $5.05 (prior Street at $4.94).We upgrade EFX from Hold to Buy due to the strong non macro related growth drivers, upside/cushion to '16E guidance, and attractive P/FCF multiple for EFX's already embedded '16E rev growth profile," said Ginocchio.

The analyst added, "These 5 specific items can drive 5% rev growth even in a weak macro environment: 1) the new Social Security Admin contract – we est. worth 1pt to revs once it ramps, 2) TDX’s UK Gov’t contract – we est. worth ~2pts to ‘16E revs (potentially 3-4pts by 4Q16E), 3) Fannie Mae requirements add ~1pt to revs it 2H16, 4) ACA compliance revs that likely add 1pt to ‘16E revs, and 5) the Veda acq., which we think provides a lot of cushion in EPS guidance."

For an analyst ratings summary and ratings history on Equifax click here. For more ratings news on Equifax click here.

Shares of Equifax closed at $93.45 yesterday.