Author: cpereira@noblefcm.com

Information Services Group (III) – Records Are Made To Be Broken

Posted on by cpereira@noblefcm.com


Tuesday, May 09, 2023

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q23 Results. All-time record revenue of $78.5 million, up 8.2% y-o-y. Currency translation negatively impacted reported revenue by $2.1 million. By geography, Americas revenue rose 17% to $48.4 million, Europe was down 2% on a reported basis and up 5% on a constant currency basis to $23.1 million, and Asia-Pacific revenue of $7 million was down 8% on a reported  basis and down 3% on a constant currency basis. We were at $74 million.

Results Continued. But higher direct costs and expenses for advisors negatively impacted operating income. Direct costs were up 11.9% to 62.7% of revenue compared to 60.6% in 1Q22. Operating income was down 9% to $7.1 million from $7.7 million. Net income was down 29% to $3.5 million, or $0.07/sh. Adjusted EPS was $0.12/sh. We had projected EPS of $0.08 and adjusted EPS of $0.12.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Haynes International (HAYN) – Favorable Outlook Driven by Growing Demand and Margin Strength

Posted on by cpereira@noblefcm.com


Tuesday, May 09, 2023

Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter financial results. Second quarter net income increased 45.6% to $12.3 million, or $0.96 per share (EPS), compared to the prior year period and rose 59.6% compared to the first quarter of fiscal year 2023. Revenues of $152.8 million increased 30.5% on a year-over-year basis and grew 15.2% compared to the prior quarter. The estimated impact from raw material volatility during the quarter resulted in a $1.7 million headwind that compressed gross margin by 1.1% to 20.2%. Adjusted EBITDA increased 38.4% to $22.4 million compared to $16.2 million during the prior year period and rose 37.0% compared to $16.4 million during the prior quarter.

Updating estimates. Management expects earnings in the third quarter to be higher than the second quarter and continues to expect fiscal 2023 earnings to be 15% to 20% higher than during fiscal year 2022. To err on the side of conservatism, we have trimmed our fiscal 2023 EBITDA, net income and EPS estimates to $93.3 million, $51.4 million, and $4.04, respectively, from $94.3 million, $53.1 million, and $4.18. Our revised net income estimate represents 15.1% growth year-over-year compared to 18.9% previously. Our 2024 EBITDA, net income, and EPS estimates are $106.8 million, $60.8 million, and $4.80, respectively.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Gray Television (GTN) – Compelling Total Return Potential

Posted on by cpereira@noblefcm.com


Tuesday, May 09, 2023

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q1 results. The company reported quarterly revenue of $801 million, 2.9% better than our estimate of $778.5 million, and adj. EBITDA of $162 million, which was in line with our estimate. Results are illustrated in Figure #1 Q1 Results. While all business segments reported stronger than expected revenues, political revenues of $8 million was the biggest surprise versus our estimate of $2 million. 

Favorable advertising momentum. In spite of the macroeconomic headwinds core advertising is pacing ahead of last year. We believe that a good portion of its positive advertising momentum is coming from revenue synergies. In addition, Auto advertising appears to be rebounding, pacing up double-digits. Looking ahead, the company is also likely to benefit from annual Net Retransmission revenue growth, when it renews 58% of its MVPD contracts later this year. Moreover, management expects Net Retransmission revenue growth to accelerate in 2024. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

FAT Brands Inc. (FAT) – First Quarter Post Call Commentary

Posted on by cpereira@noblefcm.com


Tuesday, May 09, 2023

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q23 Results. FAT Brands reported 1Q23 revenue of $105.7 million, up 8.5% y-o-y from $97.4 million in the year ago quarter. System-wide sales growth was 9.9%. Same Store Sales were up 4.3%. FAT reported adjusted EBITDA of $19.2 million in the quarter, up from $15.1 million in 1Q22. Adjusted net loss for the quarter was $23.5 million, or a loss of $1.43 per share, compared to a net loss of $18.5 million, or a loss of $1.13 per share, last year. We had projected revenue of $105 million and a net loss of $17.3 million, or a loss of $1.04 per share.

Organic Growth. Organic growth at FAT Brands remains strong. A total of 41 new units were opened during 1Q and plans are to open 45 additional units in 2Q. For the full year, a total of 175 new units are expected to open, representing over 25% growth from last year. The pipeline remains robust with development agreements for more than 1,000 new locations.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Energy Fuels (UUUU) – Results In Line – Value of REE Plan Becoming Clearer

Posted on by cpereira@noblefcm.com


Tuesday, May 09, 2023

Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up commercial-scale production of REE carbonate. Its corporate offices are in Lakewood, Colorado, near Denver, and all its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, has the ability to produce vanadium when market conditions warrant, as well as REE carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Energy Fuels reported 2023-1Q results in line with expectations absent non-recurring items. UUUU reported revenues of $19.6 million (versus our $18 million est.) largely due to the previously-announced sale of uranium to the government. Net income was $114.7 million ($0.72 per share) with a $116.5 million net gain on the sale of the Alta Mesa project. Absent the gain, the company would have reported a slight loss, in line with our projections.

UUUU’s rare earth elements (REE) plan is becoming clearer. Phase 1 of a plan to separate rare earth elements such as the valuable NdPr. has begun. When completed in 2023/24, UUUU will be able to produce 800-1,000 metric tons (0.8-1.0 million kg) of “commercial quantities of separated NdPr.” At the current spot price of $64 per kg, sales could approach $64 million. Sales of other separated REE would be incremental. And, production is expected to grow 2-3 times upon completion of Phase 2 in 2026 leading us to believe annual sales from REE could be several hundred million. For a company that has not generated annual revenues above $30 million the last ten years, the prospect of generating hundreds of million in sales is exciting. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

ACCO Brands (ACCO) – First Quarter Post Call Commentary

Posted on by cpereira@noblefcm.com


Tuesday, May 09, 2023

ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A Return to Normalcy? We are hopeful 2023 will transition back to a normal operating environment after nearly three years of COVID impacted results. We are already seeing positive signs of normalcy in the back-to-school business and chip availability should help return PowerA back to its pre-COVID growth trajectory.

Cash Flows. Operating cash flow for the first three months was a use of cash of $23.2 million, compared to cash used of $104.2 million in the prior year due to improved working capital. Management continues to expect free cash flow for 2023 to exceed $100 million.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Eagle Bulk Shipping (EGLE) – First-Quarter Results In Line With Recently Revised Estimates

Posted on by cpereira@noblefcm.com


Monday, May 08, 2023

Eagle Bulk Shipping Inc. (“Eagle”) is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Sensitivity to shipping rates leads to declines, as expected. Eagle Bulk Shipping reported a 43% decrease in net revenues versus last year despite additional operating days. The decline was due to a 53% decline in average TCE rates. Eagle’s financial results are highly leveraged to changes in shipping rates with a coverage position of only 65% of available days for the upcoming second quarter. 

The trend of rising operating costs seems to be abating. Cash operating costs have been rising in recent quarters but the growth appears to be slowing. Most notably was the decline in charter expenses (which we typically do do not model in). The decline was due to a reduction in chartered-in days (944 versus 960 last year) and an overall decline in charter hire rates related to the decline in drybulk market.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Ocugen (OCGN) – Moving Past Covaxin, Focusing On Gene Therapy and Pipeline Products

Posted on by cpereira@noblefcm.com


Monday, May 08, 2023

Ocugen, Inc. is a biotechnology company focused on developing and commercializing novel gene therapies, biologicals, and vaccines. The lead product, Covaxin, is a killed-virus vaccine for COVID-19 in-licensed from Bharat Biotech (India). The lead product in its gene therapy program, OCU400, is in Phase 1/2 clinical trials for retinitis pigmentosa.

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Financial Report Includes Discontinuation Of Covaxin. Ocugen reported 1Q23 financial results of a loss of $16.5 million or $(0.07) per share, beating our estimate of a loss of $23.9 million or $(0.11) per share.  The difference was largely due to lower Research and Development spending at $9.6 million compared to our estimate of $15.9 million, attributed to the discontinuation of Covaxin development. Cash on hand at March 31 was $76.7 million, with the reduction in R&D expected to extend the cash runway into 1Q24.

Moving Beyond Covaxin. In view of recent changes in FDA guidance for monovalent COVID-19 vaccines, Ocugen has determined that Covaxin is no longer commercially viable and has discontinued development. We see this as a neutral to mild positive since the company had already announced that it would not continue development without outside funding. This should complete the shift to the gene therapy platform, NeoCart, and the inhaled vaccines.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Kratos Defense & Security (KTOS) – Solid 1Q23 Results; Growth Opportunities Expanding

Posted on by cpereira@noblefcm.com


Monday, May 08, 2023

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q23 Results. Results came in at the high end of guidance. Revenue totaled $231.8 million, up 18.1% y-o-y. Organic growth was 12%. Adjusted EBITDA came in at $17 million, up from $13.8 million in 1Q22. GAAP EPS loss was $0.05 and adjusted EPS net income was $0.06, compared to a net loss of $0.13 and adjusted EPS of $0.04, respectively, a year ago. We had forecasted $220 million, $15.5 million, $(0.03), and $0.07, respectively.

Expanding Opportunity Set. Kratos’ opportunity set continues to expand. As part of the 5-year defense spend plan, the USAF has requested approximately $6 billion reflecting an increased prioritization with it being reported that the Air Force is looking to ultimately procure up to 2,000 drone systems. The Navy has been reported as stating they envision up to 60% of the future Navy Air Wing being comprised of drones.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Gray Television (GTN) – Core Advertising Is Outpacing Its Peers

Posted on by cpereira@noblefcm.com


Monday, May 08, 2023

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q1 results. The company reported quarterly revenue of  $801 million, 2.9% better than our estimate of $778.5 million, and adj. EBITDA of $162 million, which was in line with our estimate. Results are illustrated in Figure #1 Q1 Results. While all business segments reported stronger than expected revenues, political revenues of $8 million was the biggest surprise versus our estimate of $2 million. 

Favorable momentum. In spite of the macroeconomic headwinds, Q2 core advertising pacing is up a surprising 4%. We believe that a good portion of its positive advertising momentum is coming from revenue synergies. In addition, Auto advertising appears to be rebounding, pacing up double-digits. Looking ahead, the company is also likely to benefit from annual Net Retransmission revenue growth, when it renews the majority of its MVPD contracts later this year. Moreover, management expects Net Retransmission revenue growth to accelerate in 2024.  


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

E.W. Scripps (SSP) – Strong Retransmission Revenue Growth Offsets Some Headwinds

Posted on by cpereira@noblefcm.com


Monday, May 08, 2023

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q1 results. The company reported quarterly revenue of $527.8 million, in-line with our estimate of $531.5 million. Adj. EBITDA of $75.9 million in the quarter was 6% lower than our estimate of $80.8 million, attributed to lower than expected stock based compensation. 

Favorable retransmission renewal. The company renewed 26% of its pay TV households in Q1, with a total of 75% of pay TV households up for renewal this year. As such, we expect strong Retrans revenue growth of 14% which should offset some of the headwinds from weak National and Direct Response advertising. Retransmission revenue is expected to be 50% of TV revenue and 30% of ttotal company revenue in 2023.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

GeoVax Labs, Inc. (GOVX) – Initiating Coverage With $6 Price Target

Posted on by cpereira@noblefcm.com


Monday, May 08, 2023

GeoVax Labs, Inc., a clinical-stage biotechnology company, develops human vaccines for infectious diseases and cancer in the United States and internationally. The company through its patented Modified Vaccinia Ankara-Virus Like Particle vaccine platform develops various vaccines. It is developing various vaccines that are in human clinical trials, and preclinical research and development phases, including vaccines against human immunodeficiency virus (HIV); Zika virus; malaria; and hemorrhagic fever viruses, such as Ebola, Sudan, Marburg, and Lassa, as well as therapeutic vaccines for chronic Hepatitis B infections and cancers. The company has collaboration and partnership agreements with the National Institute of Allergy and Infectious Diseases of the National Institutes of Health; the HIV Vaccines Trial Network; Centers for Disease Control and Prevention; United States Army Research Institute of Infectious Disease; U.S. Naval Research Laboratory; Emory University; University of Pittsburgh; Georgia State University Research Foundation; Peking University; University of Texas Medical Branch; the Institute of Human Virology at the University of Maryland; the Scripps Research Institute; the Burnet Institute; American Gene Technologies, Inc.; Viamune, Inc.; Vaxeal Holding SA; CaroGen Corporation; Virometix AG; and Leidos, Inc. GeoVax Labs, Inc. was founded in 2001 and is based in Smyrna, Georgia.

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiating Coverage of GOVX. GeoVax Labs is developing gene therapies, immunotherapies, and vaccines for cancer and infectious diseases. Gedeptin, its lead cancer product, is a gene-directed therapy for cancer.  The treatment delivers a gene to the cancer cells that converts an inactive prodrug into an active cytotoxic drug within the tumor cells. 

Gedeptin Uses A Proprietary Gene Delivery Technology. Gedeptin uses an adenovirus vector to deliver a gene to cancer cells that converts an inactive prodrug into an active cytotoxic drug within the tumor cells. This increases the drug’s potency inside the cancer cells while avoiding healthy tissue. Gedeptin is currently in a Phase 1/2 trial for advanced head and neck cancers, and has been granted Orphan Drug Designation for oral and pharyngeal cancers.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

CoreCivic, Inc. (CXW) – 1Q23 Post Call Commentary

Posted on by cpereira@noblefcm.com


Monday, May 08, 2023

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

May 11th. With Title 42 expected to end May 11th, CoreCivic is well positioned to capitalize on any increase in ICE detainee populations. The key unanswered question is if the Biden Administration will enforce existing immigration laws. Recent comments by Secretary of State Blinken and Secretary of Homeland Security Mayorkas suggests the federal government will, but it remains to be seen.

Well Positioned. CoreCivic is well positioned to assist the government with any additional demand for beds and services. The Company has “thousands” of beds at existing facilities that could be used and seven idle facilities that could be restarted. The Company has hired staff in anticipation of rising populations.


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