Babcock & Wilcox Enterprises (BW) Report Strong New Orders and Backlog - B.Riley

B.Riley analyst Alex Rygiel reiterated a Buy rating and $15.00 price target on Babcock & Wilcox Enterprises (NYSE: BW) after the company announced 4Q revenue growth of 28% Y/Y and an almost doubling of adj. EBITDA. Strong new orders in the quarter and full year resulted in backlog growth of 19% Y/Y with strong DD% growth across the Renewable and Environmental segments. The company claims to have a pipeline of identified projects that now stands at $7.5B over the next 3 years.

The analyst stated "BW has executed on its strategic transition into becoming a global environmental and renewable service provider through recent acquisitions, growth in the waste-to-energy awards and its Climate Bright technology. The company also continues to have strong market tailwinds around clean energy, climate control, and overall environmental regulations. We are modestly raising our 2022 and 2023 estimates and reiterate our $15 PT and Buy rating."

For an analyst ratings summary and ratings history on Babcock & Wilcox Enterprises click here. For more ratings news on Babcock & Wilcox Enterprises click here.

Shares of Babcock & Wilcox Enterprises closed at $7.17 yesterday.

You May Also Be Interested In

• New Street Research Upgrades Micron Technology (MU) to Buy
• UBS Reiterates Buy Rating on Hilton Worldwide (HLT)
• Freedom Broker Upgrades Lifeway Foods (LWAY) to Buy