Wedbush Morgan Upgrades Willdan Group (WLDN) to Neutral
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Wedbush Morgan upgrades Willdan Group (Nasdaq: WLDN) from Underperform to Neutral. Price target $4.50.
Wedbush analyst says, "Upgrading to NEUTRAL as our cash flow concerns are dissipated with large contract win. With the downward trends in housing activity leading to lower sequential revenues, the contract win was a positive for shares and the outlook for the company. Although there remains much work to do on its existing businesses, the contract should provide steady operating profit contribution and cash flow over the next 6-8 quarters as after-tax operating profit excluding pass through revenues should be in the high single digits in our view...Increasing revenue/EPS estimates to $74.8 million/($0.17) from $66.4 million/($0.22) in 2009 and to $101.6 million/$0.16 from $68.1 million/$0.00 in 2010."
To see more analyst ratings on WLDN Click Here.
Willdan Group, Inc., together with its subsidiaries, provides outsourced services to small and mid-sized public agencies in California and other western states.
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