Jesup & Lamont Upgrades Willbros Group (WG) to Buy
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Jesup & Lamont upgrades Willbros Group (NYSE: WG) from Hold to Buy. Price target $30.
Jesup analyst says, "Willbros Group has just increased its backlog for the first time in five quarters. We believe this is a turning point for increased upstream and downstream business as move into 2010 and beyond...While the next two quarters may have negative earnings, we expect 2010 and 2011 to be great years for Willbros, as pent up demand may unfold...We are upgrading Willbros Group to BUY and initiating new earnings estimates for 2011. Our 2009 earnings estimate is $0.55 per share down from $0.85 per share and our 2010 estimate remains $0.90 per share. Our new target price is $30.00 per share, which is based on 15x our 2011 earnings estimate of $2.00 per share. We believe the worst is behind the company and demand is starting to rise as the markets recover."
To see more analyst ratings on WG Click Here.
Willbros Group, Inc. provides engineering, construction, and specialty services to the oil and gas, power, refinery, and petrochemical industries, as well as to the governmental entities worldwide.
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