Imperial Capital Raises Price Target on Orion Marine Group (ORN) to $6.50 Following 2Q Review
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Imperial Capital reiterated an In-Line rating on Orion Marine Group (NYSE: ORN), and raised the price target to $6.50 (from $6.00), following a review of the company's 2Q. ORN reported EPS of -$0.03, below consensus estimates of $0.01. Revenue of $140.3mn was $12mn below estimates. ORN affirmed its FY16 revenue guidance of $625-675mn and its FY16 EPS guidance of $0.30-0.40, and affirmed its FY17 EBITDA “goal” of $70m.
Analyst Scott Levine commented, "We are maintaining our In-Line rating on ORN shares and increasing our one-year price target to $6.50 from $6, about 16% above the recent share price. Although we expect ORN to benefit from growth in both its Heavy Civil Marine (HCMC) and Commercial Concrete (CCC) Construction businesses, we await greater visibility regarding margin improvement following recent challenges. We think the discount valuation is warranted, given current debt levels, and await a better entry point."
Shares of Orion Marine Group closed at $5.59 yesterday.
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