LGN (NASDAQ:LGN) Coverage Initiated by Analysts at Loop Capital

Key Points

• Loop Capital initiated coverage on LGN with a Buy rating and a $96.00 price target, implying about a 17.5% upside from current levels.
• The analyst consensus is a Moderate Buy with an average price target of $72.70; ratings breakdown shows 1 Strong Buy, 8 Buy, 2 Hold and 1 Sell, and several firms recently raised their targets.
• LGN missed on EPS (reported -$0.55 vs. $0.05 expected) but beat on revenue ($737.6M vs. $616.1M, up 34.5% YoY), and shares are trading near their 52-week high (around $81.68) with a market cap of about $8.82 billion.

Analysts at Loop Capital assumed coverage on shares of LGN (NASDAQ:LGN - Get Free Report) in a report issued on Wednesday,Benzinga reports. The brokerage set a "buy" rating and a $96.00 price target on the stock. Loop Capital's price target indicates a potential upside of 17.53% from the stock's current price.

A number of other research analysts have also recently issued reports on the company. Guggenheim lifted their price objective on LGN from $53.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, March 26th. Barclays increased their target price on LGN from $37.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Friday, January 23rd. Weiss Ratings started coverage on LGN in a research report on Wednesday, January 14th. They issued a "sell (d+)" rating for the company. Tigress Financial upped their price target on shares of LGN from $60.00 to $85.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, The Goldman Sachs Group increased their price objective on shares of LGN from $63.00 to $72.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $72.70.

LGN Stock Performance

Shares of NASDAQ LGN opened at $81.68 on Wednesday. LGN has a fifty-two week low of $26.96 and a fifty-two week high of $82.54. The firm's 50 day simple moving average is $59.09. The company has a market capitalization of $8.82 billion and a P/E ratio of -8,128.70. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.03.

LGN (NASDAQ:LGN - Get Free Report) last released its earnings results on Friday, March 27th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.60). The firm had revenue of $737.64 million for the quarter, compared to analysts' expectations of $616.05 million. The firm's revenue for the quarter was up 34.5% compared to the same quarter last year. On average, analysts forecast that LGN will post 1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On LGN

Hedge funds have recently bought and sold shares of the business. Freestone Capital Holdings LLC bought a new stake in shares of LGN in the fourth quarter worth approximately $1,153,000. Harbor Capital Advisors Inc. bought a new position in LGN during the fourth quarter valued at approximately $1,220,000. Asset Management One Co. Ltd. purchased a new stake in LGN in the fourth quarter worth approximately $3,681,000. LBP AM SA purchased a new stake in LGN in the fourth quarter worth approximately $2,887,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in LGN in the 4th quarter worth approximately $3,179,000.

About LGN

Legence Corp. is a provider of engineering, consulting, installation and maintenance services for mission-critical systems in buildings. The company specializes in designing, fabricating and installing complex HVAC, process piping and other mechanical, electrical and plumbing systems. Legence Corp. is based in SAN JOSE, Calif.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.