UPDATE: JP Morgan Raises PT on IHS to $98
J.P. Morgan remains at a Neutral rating on IHS (NYSE: IHS) and increase its price target from $95 to $98.
J.P. Morgan notes, “Monday night, IHS reported its 2QF12 (May) adj. EPS of $0.97 vs. JPM's $0.94. In 2QF12, organic constant currency (cc) revenue growth accelerated to +7% y/y (vs. a slow 4% in 1QF12)—as growth in Subscriptions revenues (+8% y/y led by Energy data/tools) remained steady and Non-Subscription areas (26% of total revs) accelerated sequentially (+4% y/y v. -12% in 1QF12). Total revenues accelerated sequentially to 20% y/y (vs. +17% in 1QF12) and adj. EBITDA margin expanded ~150 bps y/y to 31.0% (vs. JPM's 30.8%). Mgmt tweaked up its overall FY2012 guidance, which still reflects organic revenue growth of 7-10% y/y.”
IHS closed at $105.84.
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