Geo Group price target lowered to $20 from $22 at Wedbush

Wedbush lowered the firm’s price target on Geo Group to $20 from $22 and keeps an Outperform rating on the shares. The firm notes Geo Group reported Q1 results that were modestly below its and consensus’ expectations. While detention bed and ISAP program utilization have yet to rise to the levels outlined by recent funding increases, Wedbush anticipates an increase in utilization in the second half of the year, in-line with typical seasonal increases in border crossing activity, which could push results towards the higher end of guidance.