Credit Suisse Raises Price Target on Willbros Group (WG), Weak Q1 Results But Promising Future Outlook
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Price: $0.16 --0%
Rating Summary:
0 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
0 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Credit Suisse is reiterating its Neutral rating on shares of Willbros Group (NYSE: WG) and is raising its price target from $12 to $13.
The company released its Q1 results well below the Street's expectations with a number of things contributing to the downside. WG did reaffirm is FY11 revenue guidance of $1.5-$1.7 billion as it expects a bell-shaped year. The firm notes that to compensate for declining sales in the back half, WG plans to manage its costs through discontinuing unprofitable businesses and divesting underutilized equipment.
The firm is tweaking its EPS estimates for FY11 from $0.15 to ($0.81), FY12 from $0.65 to $0.70, and its FY13 from $0.80 to $0.85.
Credit Suisse comments, "Total backlog of $2.3B reflects increasing activity including transmission projects like Texas CREZ, large projects in Maine, and a recently booked Excel project. In upstream, Acadian continues and activity in the Eagle Ford shale in Texas is moving along. In downstream, WG has various awards including one in Spain, a contract with NASA and a second Eagle Ford award."
For more ratings news on Willbros Group click here and for the rating history of Willbros Group click here.
Shares of Willbros Group closed at $10.31 yesterday.
The company released its Q1 results well below the Street's expectations with a number of things contributing to the downside. WG did reaffirm is FY11 revenue guidance of $1.5-$1.7 billion as it expects a bell-shaped year. The firm notes that to compensate for declining sales in the back half, WG plans to manage its costs through discontinuing unprofitable businesses and divesting underutilized equipment.
The firm is tweaking its EPS estimates for FY11 from $0.15 to ($0.81), FY12 from $0.65 to $0.70, and its FY13 from $0.80 to $0.85.
Credit Suisse comments, "Total backlog of $2.3B reflects increasing activity including transmission projects like Texas CREZ, large projects in Maine, and a recently booked Excel project. In upstream, Acadian continues and activity in the Eagle Ford shale in Texas is moving along. In downstream, WG has various awards including one in Spain, a contract with NASA and a second Eagle Ford award."
For more ratings news on Willbros Group click here and for the rating history of Willbros Group click here.
Shares of Willbros Group closed at $10.31 yesterday.
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