Exponent (EXPO) PT Raised to $75 at Cantor Fitzgerald Following 2Q Beat

Cantor Fitzgerald raised its price target on Exponent (NASDAQ: EXPO) to $75.00 (from $69.00) while maintaining a Overweight rating. Total 2Q revenues were $87.8 mn, above the FactSet consensus of $83.2 mn. Margins were also above expectations, driven by top-line outperformance and better utilization. EPS for the quarter were $0.51 vs. the consensus of $0.42.

Management raised 2017 revenue guidance to mid-to-high single digit growth from the previous guidance of low-to-mid single-digit growth. Cantor Fitzgerald increased 2017 revenue estimates to $320.6 mn from $311.0 mn and increased EPS estimates to $1.96 from $1.83.

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