Analysts have moved quickly to raise their price targets for Verisk Analytics (NASDAQ:VRSK) on Thursday after the company topped consensus estimates for the first quarter.
The New Jersey-based analytics firm reported Q1 EPS of $1.29, $0.10 better than the analyst estimate of $1.19, while revenue for the quarter came in at $651.6 million versus the consensus estimate of $633.33 million.
At the time of writing, VRSK is up 1.55% at $207.14 per share.
Following the release, BofA analysts double-upgraded the stock to Buy from Underperform, lifting the price target to $243 from $167 per share, stating that the company has "ensured growth."
They stated that the three reasons to own the stock now are due to its "1) defensive business model in an uncertain environment; 2) accelerating sales growth, which drives our higher EPS outlook; and 3) a more focused management and potential for higher returns following recent businesses exits."
Analysts also described the company as having a "rare, relatively 'clean' story in a tough environment."
Elsewhere, analysts at Morgan Stanley, UBS, Truist, Jefferies, JPMorgan, BMO Capital, Goldman Sachs, Baird, and Raymond James all raised their price targets on the stock. The lowest target set was $201 at Morgan Stanley, and the highest (after BofA) was $236 at Jefferies.