UPDATE: Northland Capital Markets Transfers Coverage on Target Hospitality (TH), Upgrades to Outperform
Northland Capital Markets analyst Doug Becker assumes coverage of Target Hospitality (NASDAQ: TH) from Market Perform to Outperform with a price target of $4.00 (from $1.50).
The analyst comments "We are assuming coverage of TH and upgrading the rating to OP from MP based on: (1) an increasing probability of incremental government-backed contracts; (2) a clear path to deleveraging; and (3) increasing oilfield activity. Our PT increases to $4.00 (~40% upside), implying a 2022 EV/EBITDA multiple of 6.25x using forecasted year-end 2021 net debt."
Shares of Target Hospitality closed at $2.88 yesterday.
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