What Happened?
Shares of economic consulting firm CRA International (NASDAQ: CRAI) jumped 6.4% in the afternoon session after an analyst at Barrington Research raised the price target on the stock while maintaining an "Outperform" rating.
The analyst, Kevin Steinke, increased the price target to $245.00 from a previous $239.00. This move signaled increased confidence in the company's performance. The positive sentiment was supported by expectations for the company's revenue to continue growing, driven primarily by its consulting and research services.
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What Is The Market Telling Us
CRA’s shares are not very volatile and have only had 5 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 2 months ago when the stock gained 6.1% on the news that the company reported strong third-quarter financial results that beat expectations and raised its full-year guidance.
The consulting firm posted revenue of $185.9 million, a 10.8% increase from the same period last year, surpassing analyst forecasts. Adjusted earnings per share came in at $2.06, which also topped Wall Street estimates. Building on this positive performance, the company slightly lifted its revenue outlook for the full year to a midpoint of $744 million, signaling confidence in its business prospects.
CRA is up 5.9% since the beginning of the year, and at $212.39 per share, has set a new 52-week high. Investors who bought $1,000 worth of CRA’s shares 5 years ago would now be looking at an investment worth $4,239.
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