Zacks Investment Research upgraded shares of Navigant Consulting Inc. (NCI) from UNDERPERFORM to NEUTRAL on November 05, 2012, with a target price of $11.00.
Navigant's third-quarter 2012 earnings per share matched the Zacks Consensus Estimate and its revenue beat the same. While Navigant underperformed in two of its segments in the third quarter, namely 'Disputes, Investigations & Economics’ and ‘Financial, Risk & Compliance Advisory', and slashed its full year guidance, its other two segments, 'Healthcare' and 'Energy', posted better results. Although the bleak economic backdrop compels clients to better manage their internal costs leading to limited assignments for Navigant, management hopes to revive in 2013. The fundamentally strong demand environment coupled with the company's strategy of inorganic expansion is likely to propel long-term growth. Share repurchase activity also remains to be another positive for the stock. Hence, we upgrade the recommendation from Underperform to Neutral.
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