In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating on McGraw-Hill Companies MHP, and raised its price target from $57.00 to $60.00.
Piper Jaffray noted, “A recent visit with several of McGraw-Hill's senior operating managers served to reinforce our enthusiasm for the evolving MHP growth story. With the spin/sale of the education business on track for year-end completion, we believe the ‘New' MHP is poised for further P/E multiple upside as investors come to better understand the growth dynamics of the company's portfolio. We reiterate our Overweight rating and boost our price target to $60 from $57 based on higher multiples for the comp group.”
McGraw-Hill Companies closed on Thursday at $54.81.
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