FBR Capital Upgrades Orion Marine Group (ORN) to Outperform

October 6, 2016 6:20 AM EDT
Get Alerts ORN Hot Sheet
Price: $10.23 +0.89%

Rating Summary:
    3 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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FBR Capital upgraded Orion Marine Group (NYSE: ORN) from Market Perform to Outperform with a price target of $9.00 (from $6.00).

Analyst Alex Rygiel commented, "We are adjusting our estimates, raising our price target to $9 (from $6), and upgrading ORN to Outperform (from Market Perform). We believe the substantial completion of the troubled Tampa projects, newly added managers in various regions, and large number of recent new awards should result in an inflection point for ORN, driving positive momentum into 2017. Management's 2016 revenue and EPS guidance of $625M to $676M and $0.30 to $0.40, respectively, suggests a substantial improvement in 2H16 (vs. 2H15 and 1H16). We believe 3Q16 results will show significant improvement YOY and sequentially; however, the magnitude will depend somewhat on weather in the early part of 3Q and timing of project starts. We expect ORN to announce 3Q results on or around November 3."

For an analyst ratings summary and ratings history on Orion Marine Group click here. For more ratings news on Orion Marine Group click here.

Shares of Orion Marine Group closed at $6.86 yesterday.

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