Equifax named as 2024 Top Pick, added to Conviction List at Needham

Needham raised the firm’s price target on Equifax (EFX) to $305 from $230 and keeps a Buy rating on the shares. The firm has also named the stock as its Top Pick for 2024 and added the name to the Needham Conviction List, replacing HireRight (HRT). Equifax fundamentals have faced pressure since mid-FY22 due to a spike in mortgage rates, but the recent decline in interest rates should serve as a sizable tailwind heading into 2024, the analyst tells investors in a research note. The company’s non-mortgage businesses have also been performing well and are scaling through new products, pricing increases, and records growth, all of which should benefit the company in the coming year, the firm added.