Market Overview

Emerald Expositions Sell-Off Ends The Bearish Case, Goldman Says


The bearish case for owning Emerald Expositions Events Inc (NYSE: EEX), formerly known as Expo Event Holdco, has come to an end as the stock's valuation looks attractive after a 16 percent decline over the past six months, according to Goldman Sachs.

The Analyst

Goldman Sachs' Katherine Tait upgraded Emerald Expositions Events' stock from Sell to Neutral with an unchanged $20.20 price target

The Thesis

Emerald Expositions is a leading operator of business-to-business trade shows and somewhat protected by a high barrier to entry due to strong network effects in its top shows, Tait said in the report. There remains some concerns in the company's business, including a 38 percent exposure to the Gift, Home & General Merchandise segment which is exposed to the same pressures the overall retail industry faces.

But a bearish stance on the stock no longer applies given recent weakness in shares, the analyst said. Specifically, the stock is trading at a 16.3 times 2019E P/E multiple which "more fairly" reflects the company's organic growth outlook of 2.0 percent and EBITDA of $158 million to $162 million. The analyst's $20.20 price target implies an upside case of around 6 percent.

Price Action

Shares of Emerald Expositions Events were trading lower by less than a percent Thursday at $18.79.

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Latest Ratings for EEX

Feb 2020Deutsche BankMaintainsHold
Aug 2019Goldman SachsUpgradesNeutralBuy
Jul 2019CitigroupUpgradesSellNeutral

View More Analyst Ratings for EEX
View the Latest Analyst Ratings


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Posted-In: Goldman Sachs Katherine Tait retailers trade showsAnalyst Color Upgrades Analyst Ratings

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