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Jefferies initiates its coverage on Edgen Group
EDG with a Buy rating and a price target of $17 a share.
Jefferies comments, "We expect the capital spending in Oil & Gas to last a couple more years and benefit for EDG's businesses. Combined with expected margin expansion, we see strong EBITDA and EPS growth in 2012-13. We consider EDG's valuation compelling. Jefferies acted as a joint bookrunner for EDG's initial public stock offering completed on 4/30/12."
EDG closed at $7.49 on Tuesday.
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