Lincoln Educational Services

LINC · NASDAQ

$21.65−$0.72 (−3.22%)TodayMarket closed · Oct 20, 7:54 PM ET

Prev close $22.37

LINC analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 8 analysts

Average $48.79 (+125.4% upside)

Low: $40.40
Now: $21.65
High: $58.80

Upgrades and downgrades

The latest rating actions, newest first

LINC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Lake Street	Aug 11, 2026	Maintains	Buy	$55.00 → $50.00	48%
Rosenblatt	Aug 11, 2026	Maintains	Buy	$60.00 → $50.00	57%
Rosenblatt	Jun 11, 2026	Maintains	Buy	$60.00	57%
Rosenblatt	May 12, 2026	Maintains	Buy	$45.00 → $60.00	57%
Barrington Research	May 12, 2026	Maintains	Outperform	$45.00 → $56.00	63%
B. Riley Securities	May 12, 2026	Maintains	Buy	$46.00 → $56.00	40%
B. Riley Securities	Mar 20, 2026	Maintains	Buy	$38.00 → $46.00	40%
Barrington Research	Mar 20, 2026	Maintains	Outperform	$38.00 → $45.00	63%
Lake Street	Mar 20, 2026	Maintains	Buy	$35.00 → $44.00	48%
Rosenblatt	Mar 20, 2026	Maintains	Buy	$39.00 → $45.00	57%

The case for and against

Updated Oct 21, 2026

Bull case

Lincoln Educational Servs is supported by strong structural demand for skilled trades training, with a widening U.S. skills gap, growing High School Starts, and durable ROI versus traditional higher education. Execution is also improving, as Q1 revenue rose 22.5% to $144.0 million, adjusted EBITDA increased 84.7% to $15.5 million, and management raised 2026 guidance to $590 million-$600 million of revenue and $76 million-$80 million of adjusted EBITDA. Longer term, campus expansion, new program replication, and management’s 2030 target of $850 million in revenue and $150 million in adjusted EBITDA reinforce a favorable growth-and-margin expansion thesis.

Bear case

Lincoln Educational Servs is facing a negative outlook because, despite solid Q2 revenue of $142.6M and Adj. EBITDA of $12.7M, the core concern is slower-than-expected New Student Starts, which grew only 0.8% and drove a 20% post-earnings share decline. The weakness was especially visible in Transportation & Skilled Trades, where Starts rose just 0.9% Y/Y to 4,844, while investment in new campuses and program expansions ضغطed gross margins to 58.2% from 59.8% last year. Although Title IV funds remain at 81%, the business remains highly exposed to regulatory scrutiny and certification requirements, leaving execution and funding risks elevated.

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