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WAGE

WageWorks

$43.40

-1.65 (-3.66%)

07:40
04/09/18
04/09
07:40
04/09/18
07:40

WageWorks price target lowered to $60 from $82 at JMP Securities

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.

  • 12

    Jun

WAGE WageWorks
$43.40

-1.65 (-3.66%)

04/06/18
NEED
04/06/18
INITIATION
NEED
Hold
WageWorks resumed with a Hold at Needham
Needham analyst Mayank Tandon resumed WageWorks with a Hold rating after the company's management changes and restatement of FY16 results announced yesterday. Tandon says the initial range of restatements looks "relatively modest", though he also awaits more detail around WageWorks' financials and any update on the company strategy under the new management.
04/06/18
WBLR
04/06/18
NO CHANGE
WBLR
WageWorks restatement mostly timing related, says William Blair
William Blair analyst Robert Napoli believes the adjustments to WageWorks' financial statements "sound like they are one-time or timing related." The restatement was likely related to the ADP acquisition and the OPM government contract, Napoli tells investors in a research note. The analyst, while not expecting financial statements to be filed for 2017 or Q1 for another 60 days or so, believes the company's trends are "reasonably healthy." Nonetheless, Napoli wants to get official final results for 2017 and a "better feel" for the 2018 outlook and beyond before reinstating his rating.
04/06/18
04/06/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Walmart (WMT) initiated with a Hold at Loop Capital. 2. Hanesbrands (HBI) initiated with a Neutral at BofA/Merrill. 3. Commercial Metals (CMC) initiated with a Buy at Longbow. 4. WageWorks (WAGE) resumed with a Hold at Needham. 5. Werner (WERN) resumed with a Buy at Stifel. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/06/18
STFL
04/06/18
NO CHANGE
Target $80
STFL
Buy
WageWorks' restatement should help resurrect shares, says Stifel
WageWorks released an 8K last night disclosing the estimated restatement to 2016 operating results and the resignation of its CFO and General Councel. Importantly, the Audit Committee has not identified anything that would impact 2017 results, Stifel analyst David Grossman wrote in a note to investors. Grossman said WageWorks has underperform the Russell 2000 growth index by over 20 points since mid-February when concerns surfaced and expects the release to lift the overhang on shares. The analyst reiterated his Buy rating and $80 price target on WageWork shares.

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