Shares of Equifax Inc. EFX, +7.84% shot up 9.3% into record territory in midday trading Tuesday, putting them on track for biggest one-day gain in 12 years, after the consumer credit rating provider’s business update, which J.P. Morgan analyst Andrew Steinerman called “impressive.” The stock was also biggest gainer in the S&P 500 SPX, +0.28% on the day.
Steinerman said the company’s guidance of fourth-quarter organic revenue growth of more than 19% is above the previous growth framework of 9.5% to 11.5%, while 2021 guidance of more than 6% growth is above his previous estimate of a 5% rise. He said the company’s expectation of 2021 mortgage revenue growth of more than 10% is “significantly better” than consensus Wall Street projections. Steinerman reiterated the outperform rating he’s had on the stock since at least July 2018. The stock, which was on track for the biggest one-day percentage gain since it rallied 10.9% on Oct. 28, 2008, has run up 33.2% year to date, while the S&P 500 has gained 14.5%.