Lake Street analyst Rob Brown lowered the firm’s price target on Babcock & Wilcox to $8 from $11 and keeps a Buy rating on the shares after B&W announced over $500M in new signed contracts this year and increased its 2024 EBITDA outlook to $105M-$115M from $100M-$110M. While the firm is increasing its estimates to reflect the higher level of new project awards and outlook, it is reducing its price target due to the higher estimated share count from the company’s $50M at-the-market offering.
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