Babcock & Wilcox gains as Craig-Hallum starts coverage with 'buy'

Bw Offshore

19/07/2022 17:18

** Shares of energy and environmental technology co Babcock
& Wilcox Enterprises Inc  BW.N  jump as much as 13.8% to $6.85,
highest in over a month
    ** Brokerage Craig-Hallum Capital Group starts coverage with
"buy" rating and PT of $11, citing BW's attractive valuation
with accelerating fundamentals
    ** "Babcock & Wilcox represents an underappreciated
turnaround story that is also benefiting from secular tailwinds
to decarbonize the power generation and industrial market" -
Craig-Hallum 
    ** Brokerage also expects a re-rating potential as investors
better appreciate BW's role in the clean energy transition
    ** Four of five brokerages rate the stock "buy" and one
"sell"; their median PT is $11, according to Refinitiv data
    ** BW down 24.5% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))