UPDATE: B. Riley & Co. Reiterates On General Finance Corporation Following Strong Revenue Report

In a report published Tuesday, B. Riley & Co. analyst Ian Corydon reiterated a Buy rating on

, and raised the price target from $11.75 to $13.75. In the report, B. Riley & Co. noted, “GFN delivered FQ4 '14 revenues that came in well above our estimate and the Street consensus. Adjusted EBITDA also came in nicely ahead of our estimate and the Street as the gross margin improved 510bp Y-o-Y and operating expenses delevered by 90bps. North American leasing revenues increased 95% Y-o-Y (including the impact of the Lone Star acquisition) and Asia Pacific revenues increased 10%, or an increase of 14% on a local currency basis. Initial FY '15 guidance calls for revenues of $320MM - $335MM (representing acquisition assisted revenue growth of 11% - 17%) and an increase in adjusted EBITDA of 28% - 33%. We significantly increase our FY '15 estimates, publish our initial FY '16 estimates, and we raise our price target from $11.75 to $13.75.” General Finance Corporation closed on Monday at $8.90.