In a report released today, Vincent Colicchio from Barrington assigned a Buy rating on Concentrix (CNXC – Research Report), with a price target of $98.00.
Vincent Colicchio’s Buy rating of Concentrix’s stock (CNXC) can be attributed to a combination of factors. One significant element is the expected growth in the company’s revenue. Despite the predicted year-over-year decline of 5% in non-GAAP EPS for the fiscal Q3/23, the revenue forecast shows a year-over-year growth of 4%, indicating a potential for increased profits. Furthermore, Concentrix’s acquisition of ServiceSource in July 2022 is expected to contribute to this growth, enhancing the company’s overall financial performance.
Additionally, the forthcoming closure of Concentrix’s acquisition of Webhelp, a global customer experience services leader, is predicted to boost the company’s future financial performance. Webhelp’s revenue growth outlook for 2023 shows an 8.0-8.5% increase, which surpasses the standalone Concentrix’s organic revenue growth of 2%. Colicchio also considers the expected adjusted EPS accretion from the Webhelp acquisition, which is projected to be in the mid- to high-single-digit percentage range in the first full year and double-digit percentage accretion in the second full year. These factors, coupled with the company’s robust market position and diverse portfolio of services, led to the Buy rating.
Colicchio covers the Technology sector, focusing on stocks such as Asure, Exlservice Holdings, and Insight Enterprises. According to TipRanks, Colicchio has an average return of 10.2% and a 56.53% success rate on recommended stocks.
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Concentrix (CNXC) Company Description:
Concentrix Corp is a technology-enabled company specialized in customer engagement and customer management. The company provides end-to-end solutions that facilitate communication between clients and their customers, provide analytics and process optimization, and support client-centric operations and back-office processing across the enterprise. The solutions are provided in four complementary areas: Customer Lifecycle Management; CX/UX Strategy and Design; Digital Transformation; and VOC and Analytics. Also, the company provides insurance solutions, marketing solutions, and automation solutions.
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