Oppenheimer upgraded VPHM from Perform to Outperform with a price target of $36.00.
Interesting question/comment from the analyst Q&A:
Philip Nadeau - Cowen and Company, LLC, Research Division
Okay, great. And then just one last question, a follow up to a question that was asked earlier on capital allocation. I just wanted to ask again about stock buybacks, and I guess, the reason why I'm curious is, it doesn't seem like for the next couple of years, your stock's going to be valued on an EPS basis, it's more on top line-to-top line growth. So given the space that you're in today, what is the benefit that you see doing a stock buyback? Why not keep the cash on the balance sheet to allow greater flexibility if there's any deals that come up opportunistically in the future?
Vincent J. Milano - Chairman, Chief Executive Officer and President
So Phil, we appreciate the provocative statement about how we'll be valued and it's a thought that we actually consider. So your point is a good one. I think if you look at it mathematically, you're right. The earnings power drives the technical rationale for why we buy back the stock, if you think it's undervalued. But again, we -- our business may be better than we expect and we may become a higher-growth earnings company sooner than we have targeted. So all we're really saying is that we're open to evaluate that continuously. And the fact that you raised it, it's certainly a factor in this space.
Agree, buy backs seeem like a very inefficient way to drive value to the shareholder, if they dont have a project with a good NPV then they should send us a cheque, that way we can go party on the island with Kamoa. That analysts question seems to imply the same.