Wedbush raised the firm’s price target on Geo Group (GEO) to $46 from $30 and keeps an Outperform rating on the shares. The firm cites the potential growth prospects of the ISAP electronic monitoring program, which Geo is currently the sole provider for. As Wedbush previously noted, Geo’s peak EV/EBITDA multiple during 2016 to 2020 was 16.0-turns, and the firm thinks that multiple could be supported by a potential ramp up in monitoring/ISAP usage by ICE following President Trump’s inauguration.
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