SP Plus Corporation (SP) Receives a Buy from Barrington

Barrington analyst Kevin Steinke maintained a Buy rating on SP Plus Corporation (SPResearch Report) today and set a price target of $43. The company’s shares opened today at $32.19.

Steinke wrote:

“We traveled this week with CEO Marc Baumann of SP Plus to meet with institutional investors. Mr. Baumann remains focused on putting the company in the best possible position to capture available growth opportunities, with the goal of improved adjusted gross profit growth relative to the approximately 2% CAGR over the last five years. A top priority for management is ensuring that the company captures potential growth synergies from the Bags acquisition completed on November 30, 2018. These synergies are expected to materialize from the numerous cross-selling opportunities that are emerging from the combination with Bags.”

According to TipRanks.com, Steinke is a 1-star analyst with an average return of -2.3% and a 47.1% success rate. Steinke covers the Services sector, focusing on stocks such as Cross Country Healthcare, Echo Global Logistics, and Heidrick & Struggles.

Currently, the analyst consensus on SP Plus Corporation is a Moderate Buy with an average price target of $43.

See today’s analyst top recommended stocks >>

Based on SP Plus Corporation’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $10.6 million. In comparison, last year the company had a net profit of $15.3 million.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

SP Plus Corp. provides professional parking, ground transportation, facility maintenance, security, event logistics, and baggage handling and related services to commercial, institutional, municipal and aviation clients. It also provides a wide range of event logistics services. The company was founded in 1929 and is headquartered in Chicago, IL.