UPDATE: Imperial Capital Initiates Coverage on Great Lakes Dredge & Dock Corporation with Outperform Rating, $11 PT on Multiple Catalysts Ahead

In a report published Thursday, Imperial Capital analyst Scott Levine initiated coverage on Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) with an Outperform rating and $11.00 price target.In the report, Imperial Capital noted, “We are initiating coverage of GLDD shares with an Outperform rating and a one-year price target of $11, which is 32% above the recent price. As a leading provider of dredging services, we believe GLDD is well-positioned to benefit from a number of discrete catalysts that we expect to drive an up-lift in spending over the next few years, with a likely bias toward high-margin capital and coastal projects in the near-term. While visibility into a recovery in the Demolition segment remains low at this stage, we think expectations are as well, and that risk-reward remains favorable at current levels.”Great Lakes Dredge & Dock Corporation closed on Wednesday at $8.32.