Scotiabank Maintains Buy Rating for Concentrix with $65 Price Target

Scotiabank maintains a Buy rating on Concentrix with a price target of $65.00, based on analyst Divya Goyal's report. The company's shares closed at $49.37. TipRanks shows a Strong Buy analyst consensus rating for Concentrix with a $63.40 average price target. Concentrix has a market cap of $3.07B and a P/E ratio of 13.39.

Analysts are bullish on Concentrix Corporation (CNXC), with a significant upside potential, according to recent reports. The Vanguard S&P Mid-Cap 400 Value ETF (IVOV), which holds CNXC as one of its underlying stocks, has an implied analyst target price of $111.72 per unit [1]. This is a 13.89% increase from IVOV's recent trading price of $98.10 per unit. Among IVOV's holdings, CNXC is highlighted for its notable upside to analyst target prices.

CNXC has a recent share price of $49.37, and analysts are expecting it to reach a target price of $68.00 per share, a 37.74% increase from the current price [1]. This optimism is reflected in various analyst ratings. Scotiabank maintains a Buy rating with a price target of $65.00 [2], while TipRanks shows a Strong Buy consensus rating with an average price target of $63.40 [2].

CNXC's valuation metrics also support this optimism. The company has a forward P/E ratio of 4.14, a PEG ratio of 0.57, and a P/B ratio of 0.72, indicating that it may be undervalued compared to its peers [2]. These metrics suggest that investors may be underestimating the company's growth potential.

However, investors should exercise caution and conduct further research to determine if these targets are justified. A high price target relative to a stock's trading price can reflect optimism about the future, but it can also be a precursor to target price downgrades if the targets were a relic of the past.

References:
[1] https://www.nasdaq.com/articles/math-shows-ivov-can-go-112
[2] https://www.nasdaq.com/articles/cnxc-or-tri-which-better-value-stock-right-now