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FSV

FirstService

$96.64

-8.71 (-8.27%)

15:13
10/23/19
10/23
15:13
10/23/19
15:13

FirstService estimates lowered at William Blair after earnings

William Blair analyst Stephen Sheldon said FirstService reported slightly weaker than expected third quarter revenue, adjusted EBITDA and adjusted EPS, calling organic revenue growth in the residential segment the "positive highlight" of the quarter. However, FirstService will now face tougher comparisons, so he expects organic revenue growth to moderate in the residential segment. Following the report, Sheldon lowered his adjusted EPS forecasts for 2019, 2020 and 2021 and also tempered his margin expansion expectations. He keeps a Market Perform rating on FirstService shares.

  • 23

    Oct

FSV FirstService
$96.64

-8.71 (-8.27%)

05/24/19
BMOC
05/24/19
NO CHANGE
Target $106
BMOC
Market Perform
FirstService price target raised to $106 from $89 at BMO Capital
BMO Capital analyst Stephen MacLeod raised his price target on FirstService to $106 after the company's $505M acquisition of Global Restoration, which he expects to generate "attractive earnings accretion". The analyst says the deal gives FirstService a presence in the North American commercial and large loss property restoration industry and believes that the vertical can grow organically. MacLeod adds that the lift in leverage from the deal will decline "fairly rapidly" given the strong free cash flow profile of FirstService.
05/28/19
RBCM
05/28/19
NO CHANGE
Target $102
RBCM
Sector Perform
FirstService price target raised to $102 from $94 at RBC Capital
RBC Capital analyst Matt Logan raised his price target on FirstService to $102 after its decision to acquire Global Restoration Holdings for $505M last week. The analyst believes that the deal represents a "complementary acquisition", driving growth in recurring revenue from "essential property services" while complementing the company's Paul Davis Restoration business. Logan also raises his FY19 and FY20 earnings forecasts for FirstService by 11c and 28c to $2.99 and $3.42 respectively but keeps his Sector Perform rating on the stock based on valuation.
09/25/19
TDSI
09/25/19
INITIATION
Target $110
TDSI
Hold
FirstService initiated with a Hold at TD Securities
TD Securities analyst Daryl Young initiated FirstService with a Hold and $110 price target citing limited multiple expansion from here and exposure to cyclical drivers in a late cycle.
09/25/19
09/25/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Wayfair (W) initiated with a Neutral at UBS. 2. Comcast (CMCSA) initiated with a Buy at Benchmark. 3. FirstService (FSV) initiated with a Hold at TD Securities. 4. Momenta (MNTA) initiated with a Buy at H.C. Wainwright. 5. uniQure (QURE) initiated with an Outperform at Bernstein. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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