In a report released today, James Ricchiuti from Needham reiterated a Buy rating on Montrose Environmental Group (MEG – Research Report), with a price target of $54.00.
James Ricchiuti has given his Buy rating due to a combination of factors surrounding the Montrose Environmental Group’s strong financial performance and promising future prospects. The company surpassed expectations in its first-quarter report and subsequently raised its full-year revenue and adjusted EBITDA guidance. Additionally, Montrose’s successful capital raise of $122 million positions it advantageously to pursue strategic mergers and acquisitions, with management indicating a particularly robust pipeline. Ricchiuti anticipates that the company will continue to focus on smaller, immediately accretive transactions.
Ricchiuti’s optimism also stems from the sustained business activity across Montrose’s main segments, with expectations of continued strength throughout the remainder of the year. Factors such as increased regulatory clarity, especially concerning PFAS, the momentum of cross-selling initiatives, and a vigorous M&A funnel contribute to the company’s potential for robust growth in the years 2024 and 2025. These elements, along with the forecast of expanding adjusted EBITDA margins, underpin Ricchiuti’s recommendation to Buy Montrose Environmental Group’s stock.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $52.00 price target.
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Montrose Environmental Group (MEG) Company Description:
Media General Inc was incorporated as Legacy Media General in Virginia and became a public company in 1969. The Company owns or operates 31 network-affiliated broadcast television stations as well as related websites and mobile news applications. The Company’s network affiliations include twelve CBS stations, nine NBC stations, seven ABC stations, one FOX station, one CW station and one MyNetworkTV station. Media General’s stations operate across 28 markets, reaching approximately 16.5 million, or 14 percent, of U.S. TV households. The ownership, operation and sale of television stations are subject to the jurisdiction of the Federal Communications Commission, which acts under the authority granted by the Communications Act of 1934, as amended.
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