Equifax price target lowered to $135 from $167 at JPMorgan
JPMorgan analyst Andrew Steinerman lowered his price target for Equifax shares to $135 from $167 but keeps an Overweight rating on the name after hosting investor meetings with management. It is too early to accurately forecast the security breach's full impact on the company's operations and bottom line, Steinerman tells investors in a research note. He believes attempts to benchmark the event against other large scale breaches are challenging given the unique nature of Equifax's incident. Steinerman, however, says he now feels better about his estimate of a 10% earnings drag in 2018. His conviction in Equifax's long-term outlook "remains strong." The analyst admits, though, that the Congressional hearings bear risk.