Bank of America has resumed coverage of Equifax (EFX, Financial), issuing a Buy rating alongside a price target of $280. This optimistic outlook is supported by several key factors that are expected to drive the company's growth.
Equifax's "The Work Number," an extensive repository for income and employment data, is noted for its expanding network effects. These effects are anticipated to enhance the company's operational capabilities and market reach. Additionally, Equifax is shifting its strategic focus from rebuilding its infrastructure to fostering new product innovation, signaling a move towards future growth and diversification.
Further boosting confidence in Equifax's prospects is the potential upside associated with a stabilizing mortgage market. As conditions in this sector normalize, Equifax could see increased demand for its services, adding further value to the company's portfolio.
Overall, these developments suggest a robust growth trajectory for Equifax, prompting Bank of America's favorable recommendation.
