Supreme Court removal positive for Geo and CoreCivic, says Wedbush

Based on information from the official Supreme Court website, it appears that the pending case related to Title 42 has been removed from the February argument calendar, Wedbush analyst Jay McCanless the analyst tells investors in a research note. This comes a little over a week after the Biden administration urged the Supreme Court to dismiss a challenge related to the ending of Title 42, citing their plans to end the health emergency related to the pandemic which would make the case moot, the firm points out. While the stay related to the case appears to still be in place, this as an increasingly positive sign that Title 42 could roll off on May 11 or soon thereafter, according to Wedbush. The firm believes the end of Title 42 could represent a "significant tailwind" for both GEO Group (GEO) and CoreCivic (CXW), given the potential for higher levels of occupancy and associated growth in EBITDA.