JPMorgan has begun coverage of Exponent, assigning an Overweight rating and establishing a $100 price objective, which the bank calculates implies about 35% upside relative to prevailing share prices. That $100 target sits above the current high end of analyst consensus targets, which InvestingPro data lists at $90, and InvestingPro also indicates the stock is trading slightly above its calculated Fair Value.
The investment bank frames Exponent as a leading science and engineering consulting firm that serves more than 2,000 clients through 17 primary practices. JPMorgan highlights this breadth as positioning the company for a substantive rebound in coming years. The company carries a market capitalization of $3.7 billion and, according to InvestingPro, has a financial health score rated as "GOOD," with cash on the balance sheet exceeding outstanding debt.
JPMorgan's modeling shows revenue growth accelerating to 9.5% in 2026. The firm expects margins to expand as industry headwinds ease and utilization improves across Exponent's operations. Analysts from JPMorgan completed a site visit to Exponent's Phoenix facility and held meetings with management, findings that reinforced the bank's view that a combination of disciplined cost control and the ability to sustain premium pricing could support double-digit earnings-per-share growth.
Alongside expected operational improvements, JPMorgan noted that Exponent's diversified business model should underpin healthy free cash flow generation. The bank also described the stock as trading at what it considers a trough multiple, implying potential valuation upside as fundamentals recover and multiples normalize.
Recent quarterly results and peer reactions
Supporting the analyst interest, Exponent reported a robust third quarter for 2025, beating both earnings and revenue projections. The company posted earnings per share of $0.55 versus a consensus projection of $0.51, and revenue of $147.1 million compared with an expected $131.78 million. Those results have been followed by analyst adjustments.
William Blair moved Exponent's rating from Market Perform to Outperform following the strong quarter. UBS raised its price target on Exponent to $81 from $76 while keeping a Neutral rating after investor meetings in which Exponent's management expressed optimism about the company's business outlook. Collectively, these developments reflect a generally positive shift in sentiment among analysts and investors regarding Exponent's near-term trajectory.
What this means for markets and investors
JPMorgan's initiation adds a high-profile institutional endorsement of Exponent's rebound potential, blending fundamental observations from on-site visits with financial modeling that forecasts accelerating top-line growth and margin improvement. The suite of analyst reactions to recent quarterly results demonstrates elevated attention to execution and cash-generation metrics within the science and engineering consulting sector.