Citigroup initiates its coverage on Edgen Group EDG with a Buy rating and a $10 price target.
Citigroup says, "As a distributor of specialty steel products to companies across the global energy supply chain, EDG should benefit from higher levels of capital spending on energy-related infrastructure. We believe these strong fundamentals provide a compelling investment opportunity in light of the stock's significantly discounted valuation versus its peers."
EDG closed at $7.49 on Tuesday.
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