DocGo rises as co raises forecast after Q3 revenue beat

DocGo

07/11/2023 16:47

** Shares of DocGo  DCGO.O  rise 11.6% to $6.5 
    ** Co, late Monday, raised its 2023 rev outlook to $615
mln-$625 mln from its previous range of $540 mln-$550 mln
    ** DCGO raised its 2023 adj EBITDA forecast to $50 mln-$55
mln from its prior forecast of $48 mln-$53 mln
    ** Co's Q3 rev of $186.6 mln beat Wall Street estimates of
$147.7 mln - LSEG
    ** DCGO's Q3 EPS of 5 cents missed avg of analysts'
estimates of 6 cents
    ** Brokerage Stifel says 2023 outlook was raised
significantly mainly to reflect the performance of its New York
City Housing Preservation and Development contract to provide
healthcare and basic services to migrant populations
    ** All 7 brokerages covering DCGO rate the stock "buy" or
higher; their median PT is $13
    ** Despite session's gain, stock down 8.1% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))