Geo Group price target raised to $37 from $16 at Northland

Northland raised the firm’s price target on Geo Group (GEO) to $37 from $16 and keeps an Outperform rating on the shares. Geo reported Q3 results that missed expectations driven by lower than anticipated participants within ICE’s ISAP / ATD program, but the firm is increasing its price target to reflect the meaningful opportunity for growth within its detention and electronic monitoring solutions segments. The firm believes Geo is positioned to significantly increase its business with ICE with the ability to supply an incremental 18,000 beds, as needed, the analyst tells investors.