Construction Partners rises on positive outlook, brokerages raise PT

Construction Partners

05/10/2023 15:27

** Civil infrastructure company Construction Partners Inc's
shares  ROAD.O  rise ~5% to $40.37, hitting a one-year high
    ** Brokerages raise price target on the stock reflecting on
co's FY 2023 and 2024 outlook
    ** Raymond James raised PT to $45 from $38 and BOFA to $45
from $39; the new price target represents a ~17% upside to the
stock's last close of $38.48
    ** Co raises FY 2023 net income outlook to be between $44.8
mln and $47.0 mln, sees revenue for FY 2023 between $1.55 bln
and $1.56 bln
    ** Also sees adjusted EBITDA for FY 2024 in the range of
$197 mln to $219 mln and revenue for FY 2024 in the range of
$1.75 bln to $1.82 bln 
    ** Six of seven brokerages rate the stock "buy" or higher
and one "hold"; median PT is $41.50
    ** Up to Wednesday's close, stock had risen ~50% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))