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DA Davidson Upgrades Great Lakes Dredge & Dock (GLDD) to Buy, Backlog and Earnings Potential Improves

February 14, 2012 12:41 PM EST
Get Alerts GLDD Hot Sheet
Price: $8.46 --0%

Rating Summary:
    5 Buy, 2 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 9 | Down: 7 | New: 41
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DA Davidson upgraded shares of Great Lakes Dredge & Dock (NASDAQ: GLDD) from its previous rating of Neutral to Buy. The firm also increased its price target on the company from $6 to $8.50.

The upgrade follows a receipt of a major order to provide dredging services to the Wheatstone LNG port facilities in Australia. The firm highlights not only does the contract add $180 million to the company's Q1 booking, it also offers the potential of additional work in Australia.

An analyst at DA Davidson comments, "the company is expected to benefit in the near term from additional federal funding for domestic dredging projects in 2012, including disaster relief funding for the Army Corps of Engineers and new transportation funding. Longer term increased demand for deeper ports following the completion of the Panama Canal expansion in 2014 should add to dredging demand."

The firm raised its FY13 sales and earnings estimates from $750 million and $0.60 per share to $785 million and $0.65 per share.

For an analyst ratings summary and ratings history on Great Lakes Dredge & Dock click here. For more ratings news on Great Lakes Dredge & Dock click here.

Shares of Great Lakes Dredge & Dock closed at $6.13 yesterday.


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