Roth/MKM Starts Shimmick Corp (SHIM) at Buy, 'Riding the Water Infrastructure Wave'

Roth/MKM analyst Gerry Sweeney initiates coverage on Shimmick Corp (NASDAQ: SHIM) with a Buy rating and a price target of $10.00.

The analyst comments "We initiate coverage on SHIM with a Buy rating and $10 target. The burn off of under priced legacy AECOM backlog, combined with SHIM’s risk adjusted bidding process and large-scale stimulus packages aimed at infrastructure should lead to gross margin expansion in 2024. We believe gross margins can lift further to the mid-teens and improve the valuation multiple from 2.6x to the low end of heavy civil construction comparables (4.5x), representing 63.2% appreciation, if our thesis is correct."

For an analyst ratings summary and ratings history on Shimmick Corp click here. For more ratings news on Shimmick Corp click here.

Shares of Shimmick Corp closed at $6.14 yesterday.

You May Also Be Interested In

• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
• Piper Sandler Reiterates Overweight Rating on Estee Lauder (EL), 'F4Q26 Preview'
• Fiserv (FISV) PT Lowered to $60 at Freedom Broker