|
|
| Corrections Corp. shares rise |
| By The Associated Press |
| Published: 11/18/2008 |
|
TENNESSEE - Shares of Corrections Corp. of America surged Monday after the private prison operator announced late Friday it would buy back up to $150 million in stock, and an analyst praised the move. In a research note, Avondale Partners analyst Kevin Campbell said the Nashville, Tenn.-based company doesn't need to invest in the short term in adding new capacity for its prison, so the decision to buy back shares is an attractive alternative use for its capital. Campbell estimates the repurchase program could boost earnings per share by between 7 cents and 10 cents annually, assuming the shares are purchased for between $12 and $15.50. Campbell's price target for the stock is $22. Read more. If link has expired, check the website of the article's original news source. |
MARKETPLACE search vendors | advanced search
IN CASE YOU MISSED IT
|
Comments:
No comments have been posted for this article.
Login to let us know what you think