Mistras Group shares target raised to $13 on cost savings

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On Tuesday, Mistras Group Inc . (NYSE:) saw its price target increased by Singular Research to $13.00, up from the previous $11.50. The firm has maintained a Buy rating on the stock. The revision follows the company’s solid performance in the fourth quarter of 2023, where it reported adjusted EBITDA figures that met Singular Research’s forecasts.

The analyst from Singular Research highlighted that Mistras Group delivered robust results in the last quarter of 2023, with their adjusted EBITDA aligning with the firm’s predictions. The optimism for the stock’s future is partly due to anticipated margin growth throughout 2024, which is expected to stem from incremental cost savings amounting to $20 million.

The revised price target to $13.00 per share from the previous $11.50 is a reflection of the positive outlook for Mistras Group’s financial health and operational efficiency. Singular Research has reiterated its Buy rating, signaling confidence in the stock’s potential for growth.

The company’s focus on cost-saving measures has been identified as a key driver for the expected margin expansion. The analyst’s statement underscores the significance of the $20 million in incremental cost savings that Mistras Group is projected to achieve.

In conclusion, Singular Research’s updated price target and sustained Buy rating for Mistras Group underscore the firm’s favorable view of the company’s financial trajectory and its strategic initiatives to boost profitability.

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