B. Riley Initiates Coverage On HC2 Holdings, Sees Nearly 100% Upside

B. Riley analysts initiated coverage on HC2 Holdings Inc HCHC Tuesday with a Buy rating and an $8.50 price target.

Highlighting the company's value oriented philosophy, B. Riley commended HC2’s experienced management and said the market value at present is disconnected from a sum-of-the-parts valuation, which is what their price target is based on.

HC2 shares have risen 24 percent from year-to-date lows in April. The $8.50 price target represents an almost 100 percent upside from $4.30, where shares traded just before the close Tuesday.