Lincoln Educational price target raised to $14 from $12 at B. Riley

B. Riley raised the firm’s price target on Lincoln Educational to $14 from $12 and keeps a Buy rating on the shares. Lincoln plans to have four new campuses and seven new programs fully operational by FY27, generating $540M in revenue and $88M in adjusted EBITDA by FY27, with robust free cash flow generation and a rising cash balance, the analyst tells investors in a research note. With $10M in maintenance capital expenditures in each year following FY25, the firm says Lincoln can generate over $55M in free cash flow annually.