UPDATE: Stifel Reiterates Buy Rating, Raises PT on TriNet Group Following Solid 2Q Results

In a report published Tuesday, Stifel analyst David Grossman reiterated a Buy rating on

, and raised the price target from $28.00 to $31.00. In the report, Stifel noted, “Last night, TNET reported solid 2Q results. Net revenue of $124.8 (+20% y/y) exceeded consensus ($120.2mn), guidance ($119-121mn) and the company's long-term target of 15% organic growth. Similarly, EPS of $0.24 beat both consensus ($0.22) and the high end of guidance ($0.21-0.23); EBITDA of $39.4mn (31.6% margin) also beat consensus of $37mn and guidance ($36-38mn).” TriNet Group closed on Monday at $24.72.