UPDATE: D.A. Davidson Reiterates Neutral Rating, Raises PT on Willbros Group Following Updated Guidance

In a report published Tuesday, D.A. Davidson analyst John B. Rogers reiterated a Neutral rating on Willbros Group WG, and raised the price target from $7.00 to $8.00. In the report, D.A. Davidson noted, “Willbros updated guidance for operating results in the second quarter ended June 30, 2013. The company now expects to generate an operating profit from continuing operations of $3-$7 million, compared to recently reduced expectations for a loss of $4-$7 million. (See our note dated July 8th for more information.) As indicated below and shown in the attached model, we are raising our estimates to incorporate this guidance. Assuming the mid-point of the range and after interest expense, we now expect an EPS loss of $0.06 for the quarter compared to a loss of $0.13 previously. Management indicated the company's operating results benefited from better than expected execution and closeouts of large electrical transmission projects and a refinery turnaround project.” Willbros Group closed on Monday at $8.14.