Jefferies Starts Headwaters (HW) at Buy
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Jefferies initiates coverage on Headwaters (NYSE: HW) with a Buy rating and a price target of $21.00.
Analyst Philip Ng commented, "We are initiating coverage on HW with a Buy rating, and it's our top small cap pick. With fly ash demand and pricing accelerating, coupled with a niche building products business growing at mid to high SDs, we believe the market is underappreciating the quality (20% EBITDA margins) of the business, and HW offers great value trading at 7.1x EV/EBITDA and 11% FCF yield."
Shares of Headwaters closed at $16.98 yesterday.
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