Transcat rises after Oppenheimer initiates coverage with 'outperform' rating

Transcat

17/10/2023 17:47

** Industrial equipment provider Transcat's  TRNS.O  shares
gain 3.4% to $97.34 after Oppenheimer initiates coverage with an
"outperform" rating
    ** Stock hit an over two-week high intraday
    ** Oppenheimer says TRNS is underappreciated, has room for
long-term growth and margin expansion 
    ** Expects TRNS to grow revenue at a compounded annual
growth rate of over 10% long term, driven by organic growth and
acquisitions
    ** Co has a strong competitor edge; can deliver sustainable
revenue growth with superior capital returns - Oppenheimer
    ** Oppenheimer sets TRNS's price target at $110, an upside
of 16.8% to the last close 
    ** All five analysts covering stock rate it "buy" or higher;
median PT is $108 - LSEG data 
    ** TRNS up 37.8% YTD, including session gains, vs a ~30%
rise in Nasdaq  .IXIC  during the same period

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))