UPDATE: Wedbush Raises PT to $4 on EnergySolutions on Near-Term Catalysts
Wedbush reiterated its Neutral rating on EnergySolutions (NYSE: ES) and raised its price target from $3 to $4.
Wedbush said, "We are reiterating our cautious stance on shares of EnergySolutions (ES) following our corporate visit. Despite no meaningful change in business fundamentals, we expect corporate actions including restructuring and cost reductions, completion of asset sales in early 2013 and debt repayment in Q1:FY13 should provide a catalyst for the share price over the next 60-90 days. Our long-term bias is unchanged as we continue to believe a constructive investment rating for ES is dependent on management's ability to partner with an E&C firm to off-load balance sheet risks related to large decommissioning projects."
EnergySolutions closed at $3.01 on Wednesday.
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