Montrose Environmental price target raised to $51 from $48 at Stifel

Stifel raised the firm’s price target on Montrose Environmental to $51 from $48 and keeps a Buy rating on the shares. Montrose Environmental announced its acquisition of Engineering & Technical Associates, an engineering consulting and recruiting company servicing the refining, chemical and petrochemical industries, and increased its FY24 guidance for revenue by $15M and AEBITDA by $5M on continued strong organic performance, an improved 2024 outlook, and the impact of recently closed acquisitions, the analyst tells investors in a research note. The completed ETA deal and guidance raise provide incremental validation to the firm’s thesis of expanding organic growth opportunities that are further supported by strategic acquisitions, the analyst says.