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Bull of the Day

Navigant Consulting Inc. (NCI) topped both earnings and revenues in its second-quarter 2011 results. Its utilization rate improved substantially. Navigant's restructuring activities, construction dispute practice and economics consulting services delivered well in the second quarter.

Moreover, the number of active engagements also remained steady. The integration of Ethos Partners in the Healthcare segment also augurs well for the company.

Although a huge debt obligation against limited cash flow increases liquidity risk, we believe that the company's inorganic expansion will facilitate its long-term growth. Hence, we upgrade the stock from Neutral to Outperform rating.