Equifax initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Equifax with an Outperform rating and $273 price target. Equifax, which is “well known” to be operating a U.S. credit bureau “oligopoly,” also has another “leading asset” in The Work Number, a digital database within a secular trend enabling automation for human resource functions. The firm, which sees the slowdown in the company’s organic growth over the past two years as mainly driven by cyclical factors, argues that the company’s two critical assets in Credit Bureau and TWN have “maintained their competitive strength,” which it sees positioning the company well for outperformance going forward.