Roth MKM raised the firm’s price target on AMSC to $27 from $20 and keeps a Buy rating on the shares. The company announced a $75M contract for its proprietary ship protection system – or SMS – with Irving Shipbuilding, Canada’s national shipbuilder, which marks the first SPS order that AMSC has secured with an allied navy and further validates its technology, the analyst tells investors in a research note. The order effectively doubles the total addressable market for the company’s Navy business, while there is potential for further expansion with additional allied navies, the firm added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AMSC:
- AMSC Expands Ship Protection System Offering to Allied Navy with First Contract Win
- AMSC enters $75M multi-year, multi-unit delivery contract with Irving
- AMSC management to meet virtually with Craig-Hallum
- AMSC price target raised to $23 from $16 at Craig-Hallum
- AMSC price target raised to $23 from $16 at Oppenheimer