UPDATE: Jefferies Raises PT on ABM Industries Following Solid F2Q13 Results
In a report published Wednesday, Jefferies analyst Dan Dolev reiterated a Buy rating on ABM Industries (NYSE: ABM), and raised the price target from $28.00 to $29.00.
In the report, Jefferies noted, “F2Q13 was a solid quarter marked by: 1) strong organic growth, particularly in janitorial (+2.7%, above +2% for the first time since FY08), 2) a ~9% adj. EPS beat, 3) a bullish F2H13 outlook with tailwinds from an ‘improving economy', and 4) raised FY adj. EPS guidance from $1.35-$1.45 to $1.40-$1.50. All this helped drive the stock up +3.4% (+4.0% rel.). We are raising our CY14 estimates from $1.56 to $1.60 and our PT from $28 to $29.”
ABM Industries closed on Tuesday at $25.44.
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