EBIX - Ebix surges 25% on Q4 results 'imminent' EbixCash IPO Craig Hallum says

Ebix (NASDAQ:EBIX) shares surged more than 25% on Wedneday after the insurance software company posted fourth-quarter results that beat Wall Street expectations, prompting investment firm Craig Hallum to boost its price target considerably. Analyst Jeff Van Rhee reiterated the firm's buy rating and boosted the price target to $100, up from $75, noting that shares are "extremely compelling" at current levels. "The long awaited EbixCash IPO filing in India was noted to be 'imminent,' Van Rhee wrote in a note to clients.  "We have long said the US insurance business is worth ~$50 per share and EbixCash worth $75+," Van Rhee continued. "With $150 worth of value, the $31 stock leaves an incredible margin of safety. Shares should be owned here, with many near and longer-term catalysts supporting the business. Earlier on Wednesday, Ebix (EBIX) reported adjusted fourth-quarter earnings of 66 cents per share on $266.83 million in revenue. Van

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Ebix surges 25% on Q4 results, 'imminent' EbixCash IPO, Craig Hallum says