2023-07-28 11:06:30 ET
Orion Group Holdings ( NYSE: ORN ) surged as much as 13% to a 17-month high on Friday after analysts at B. Riley Securities upgraded the construction contractor to Buy from a prior investment rating of Neutral. They said Orion Group ( ORN ) has cut debt while expanding its backlog with infrastructure projects.
“Although 2Q results were modestly below our estimates, and we are modestly lowering our 2023 and 2024 estimates, we have greater confidence in Orion’s ( ORN ) near-term balance sheet improvements and growth outlook,” Alex Rygiel, analyst at B. Riley, said in a July 28 report.
The firm raised its price target on Orion ( ORN ) to $5 a share from $3 a share, representing an enterprise value multiple of 3.5 times estimated EBITDA for 2024.
Orion ( ORN ) this week said Q2 revenue declined 6.2% from a year earlier to $182.5 million, in line with the consensus estimate. An adjusted loss per share of $0.14 also was in line with the average estimate.
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Orion Group jumps to 17-month high after B. Riley upgrade to Buy