Fist Advantage Rallies After RBC Capital Raises Price Target Following Q2 Earnings

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  • RBC Capital analyst Ashish Sabadra raised the price target on First Advantage Corp FA from $22 to $26, implying a 6.51% upside, and maintained an Outperform rating.
  • The analyst is optimistic about the "market leadership built on outstanding customer experience," evidenced by First Advantage's gross retention rate of about 95% over the past three years.
  • The company reported strong Q2 results, beating the estimates with revenue of $174.8 million (+66.5% year-over-year) vs. consensus of $152.9 million, and Adjusted EPS of $0.25 vs. consensus of $0.17.
  • He also states that the company reported a "strong" beat and raise set of Q2 results amid a "robust" hiring environment, new customer growth, and geographic expansion.
  • Price Action: FA shares are trading higher by 7.32% at $24.34 on the last check Friday.
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