BMO Capital Markets upgraded North American Energy Partners NOA from Market Perform to Outperform and raised the price target from $3.50 to $5.50.
BMO Capital Markets commented, "We believe the weak market for Heavy Construction and Mining services will weigh on topline growth, but see several positive catalysts over the coming 12-18 months. 1) Conversion of $33 million in working capital related to the divested Pipelines business to cash; 2) Continued deleveraging, Term B facility should be gone in Q4 with additional cash generation used to further reduce debt; 3) Margin expansion; and 4) Additional opportunities for its services outside of the oil sands. The new CEO has been buying stock and accumulated 645,000 shares as of December 2012."
North American Energy Partners closed at $3.92 on Wednesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in