UPDATE: Deutsche Bank Initiates Coverage On Mobile Mini
In a note released Monday morning, Deutsche Bank initiated coverage on Mobile Mini (NASDAQ: MINI) with a Buy rating and announced a $57 price target.
Deutsche Bank analyst Amit Mehrotra explained the firm's position on the company's stock. In a forward look at the company's restructuring plan, Mehrotra forecasts it bringing a 13 and 27 percent respective CAGR for revenue and EPS through 2017.
Mehrotra commented, "We view management's plan as ambitious but credible, with significant upside to MINI's earnings power if achieved."
Management's plan, Mehrotra noted, has two main aims: 1) achieving 80 percent fleet utilization and 2) "significant improvement" in yield.
Additionally, Mehrotra noted the company recently announced its first ever cash dividend, as well as a $125 million buyback authorization.
Following the upgrade, shares of Mobile Mini are trading up ~2 percent at ~$47.
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