JMP Securities analyst David Scharf lowered his price target on WageWorks to $60 from $82 to reflect overall contraction among the multiples of its comparables along with a further discount associated with the company's weaknesses identified in its internal controls. However, he maintains an Outperform rating on the stock, stating that the company's "modest" 2016 restatements appear to be largely one time in nature and 2017 revenue, and he believes EBITDA, do not appear to be materially impacted, if at all. The promotion of long-time President and COO Edgar Montes to CEO suggests WageWorks will not make material changes to corporate strategy and operations, added Scharf.