UPDATE: D.A. Davidson Upgrades Great Lakes Dredge & Dock to Buy on Opportunity From Share Price Decline

In a report published Thursday, D.A. Davidson analyst John B. Rogers upgraded the rating on Great Lakes Dredge & Dock Corporation

from Neutral to Buy, and reiterated the $8.00 price target. In the report, Rogers noted, “We view the shares' recent decline amidst the equity market sell-off, recent earnings shortfall, and accounting issues as an opportunity, particularly as these short-term adverse pressures abate. Please see our recent reports. As indicated below and in the attached model, we are maintaining our estimates and $8 price target. Orders for dredging work associated with beach/harbor restoration and improvement in the Northeast following storm damage, a major harbor deepening project in Miami, and other maintenance projects should provide opportunities for substantial new work bookings. We estimate market activity could increase 50% or more compared to 2012, including over $300 million of work scheduled to be bid/awarded in Q2 2013.” Great Lakes Dredge & Dock Corporation closed on Wednesday at $6.43.