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UPDATE: D.A. Davidson Upgrades Furmanite as Earnings Growth Accelerates

Related FRM
Furmanite Enters into Definitive Agreement to Sell FTS Division
Benzinga's M&A Chatter for Monday May 4, 2015

In a report published Monday, D.A. Davidson analyst Tristan Richardson upgraded Furmanite (NYSE: FRM) from Neutral to Buy, and raised the price target from $8.00 to $12.00.

In the report, D.A. Davidson noted, “We are adjusting our projections for 2013 to incorporate our initial estimate of contribution from the recently announced acquisition of ENGlobal's (ENG – $0.95) Gulf Coast operations expected to close in the current quarter. Notably, we expect earnings in the current quarter will likely include transaction-related costs including amortization and integration expenses. Management increased its guidance for 2013; the outlook does not include any impact of the acquisition. For 2014 we are increasing our projections as a result of improved growth prospects in the U.S. as well as some contributions from the ENG acquisition.”

Furmanite closed on Friday at $7.97.

Latest Ratings for FRM

May 2015Stephens & Co.MaintainsEqual-weight
Feb 2015Stephens & Co.DowngradesOverweightEqual-weight
Nov 2014DA DavidsonDowngradesBuyNeutral

View More Analyst Ratings for FRM
View the Latest Analyst Ratings

Posted-In: D.A. Davidson Tristan RichardsonAnalyst Color Upgrades Analyst Ratings


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