Great Lakes Dredge & Dock: Solid Outlook For 2010
Barclays Capital maintains their “2-Equal Weight” rating for Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) as it believe Great Lakes should continue to benefit from a strong U.S. dredging market for the rest of 2009 and into 2010. The price target set to $7.00.
Analysts express their optimism by saying “Great Lakes should continue to benefit from a strong U.S. dredging market for the rest of 2009 and into 2010, which should offset continued weakness in Middle East markets (as evidenced in 3Q and with some new uncertainty raised from Dubai credit issues - although all of GLDD's Middle East fleet is in Bahrain).”
However, the firm said “We think it could take at least another 6-12 months before we see a meaningful recovery in the Middle East dredging market, but GLDD's overseas fleet could still pick up work from other international markets.”
Yesterday, CLWR stock closed at $5.66. So far this year, CLWR has risen over about 15%.
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