CoreCivic stock jumps 12% after joining Wedbush's Best Ideas List

Apr. 14, 2022 9:50 AM ETCoreCivic, Inc. (CXW)By: Max Gottlich, SA News Editor21 Comments

barbed wire fence

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  • CoreCivic (NYSE:CXW) shares are drifting higher by 12% out of the gate Friday after Wedbush analyst Jay McCanless added the prison stock to his Best Ideas List and upgraded CXW to Outperform from Neutral.
  • McCanless pointed to CXW's "improving financial profile," citing prospects for further declines in its leverage ratio as well as outstanding debt, according to a note written to clients.
  • Also, occupancy levels are expected to increase given the potential cancellation of Title 42, which allows for deportation of apprehended migrants at a border crossing. The removal of this policy, which was established at the onset of the COVID-19 pandemic, would likely lead to a "significant influx of migrants across the border," the analyst explained.
  • By comparison, Both SA's Quant Rating and Wall Street Analysts view CXW as a Buy.
  • Previously, (Jan. 10) CoreCivic won a contract with the State of Arizona.

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