William Blair Upgrades Medpace, Sees ‘Strong Biotechnology Funding Environment’ – Tech Science| Tech Science
Medpace Holdings Inc (NASDAQ: MEDP) reported better-than-expected second-quarter earnings Monday afternoon.
William Blair’s John Kreger upgraded Medpace from Market Perform to Outperform.
The company reported adjusted EPS of 67 cents on an ASC 605 basis in Q2, well above Kreger’s 39-cent estimate. (See the analyst’s track record here.)
The beat came due due to better gross margins and higher revenue, the analyst said, naming the earnings beat, excellent bookings and guidance raise as the drivers behind William Blair’s upgrade.
Medpace increased 2018 guidance and said it expects higher revenue by $39 million and earnings that are 65 cents per share higher on an ASC 605 basis, Kreger said. His estimate is similar, as as he expects $40 million higher revenue and a 60-65-cent EPS increase on an ASC 605 basis.
William Blair expects Medpace to perform well in the second half of the year and in 2019.
The Price Action
Medpace shares were rallying 31.2 percent to $61.76 at the time of publication Tuesday afternoon.
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Latest Ratings for MEDP
|Jul 2018||Credit Suisse||Maintains||Outperform||Outperform|
|Jul 2018||William Blair||Upgrades||Market Perform||Outperform|
|Apr 2018||Mitsubishi UFJ||Initiates Coverage On||Neutral|
View More Analyst Ratings for MEDP
View the Latest Analyst Ratings
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