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Jefferies has upgraded Inotiv (NASDAQ:NOTV) to buy, citing the company’s expanded sales force.
The investment bank said that December quarter bookings were “surprisingly strong" and that the impact of its newly expanded sale force was “really quite striking.”
“With a lowered cost structure and more integrated services, NOTV’s fortified sales force is selling more aggressively, while at least maintaining margin,” the analysts wrote in their note.
Jefferies added that if the company can grow revenue even modestly, the cost initiatives grow EBIDTA in fiscal year 2024 and 2025.
Jefferies raised its price target to $11.50 from $3.