Concentrix initiated with an Outperform at Baird

Baird analyst David Koning initiated coverage of Concentrix with an Outperform rating and $70 price target The firm views the stock’s valuation as attractive, saying the company’s earnings growth could average high-single-digit to low-double-digits over the next five years behind low-single digit revenue growth, modest margin expansion and share repurchases. Concentrix provides customer care services and its scale, global delivery, and full-range of agent-based services create a position of strength that could allow steady positive revenue growth along with repurchases after debt paydown, the analyst tells investors in a research note.