UPDATE: D.A. Davidson Upgrades Great Lakes Dredge & Dock to Buy

According to D.A. Davidson, Great Lakes Dredge & Dock (NASDAQ: GLDD) is upgraded to Buy.

D.A. Davidson said that Great Lakes announced the receipt of a major order to provide dredging services to the Wheatstone LNG port facilities in Australia, adding an estimated $180 million to company bookings in Q1 2012. “Based on the higher earnings estimates for 2013 and improved visibility provided by increased backlog levels, we are raising our price target on these shares to $8.50 from $6.00, or 13x our FY13 earnings estimates and 5.5x EBITDA. (17x P/E and 6x EV/EBITDA based on 2012 estimates). Given the upside potential, we are also upgrading to BUY from Neutral.”

Great Lakes Dredge & Dock closed yesterday at $6.13.

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