Piper Jaffray Raises Price Target on Black Knight Financial Services (BKFS) Following 2Q Report
Piper Jaffray reiterated an Overweight rating on Black Knight Financial Services (NYSE: BKFS), and raised the price target to $44.00 (from $38.00), following the company's 2Q earnings report. Adjusted revenue grew 10% to $258M vs. consensus of $252M. Adjusted EPS totaled $0.29.
Analyst Jason Deleeuw commented, "BKFS beat 2Q consensus revenue/EBITDA by ~2%/~4% and raised full-year guidance due to modestly stronger organic fundamentals and 2Q M&A activity. Stronger Technology segment (servicing and origination) revenue drove the beat as BKFS continues to expand client relationships and win new clients. We raise our earning power outlook through ’18 to reflect ongoing client expansions, recent M&A activity, and the BAC servicing technology win. Our PT moves from $38 to $44 on our higher earning power outlook and move onto our ’18 estimates to capture the value from the BAC servicing technology win."
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Shares of Black Knight Financial Services closed at $38.71 yesterday.