UPDATE: DA Davidson Raises Target to $58 on URS Corporation
DA Davidson raises its target price on Buy-rated URS Corporation (NYSE: URS) to $58, up $8, as the company's planned acquisition of Flint Energy should add substantial oil and gas services that are immediately accretive.
DA Davidson says, "URS announced an agreement to acquire Flint Energy Services (FES-CA – C$24.78) for approximately $1.5 billion, (C$25 per share plus assumed debt, or approximately 15x and 7x 2012 consensus estimates for EPS and EBITDA, respectively). The acquisition would position URS as one of the leading providers of E&C services to the North American Oil & Gas market, an end-market the company has been targeting for several years. For more details please see our recent note dated February 21st."
URS closed at $44.87 a share on Tuesday.
