Craig-Hallum raised the firm’s price target on Babcock & Wilcox to $2 from $1.50 and keeps a Hold rating on the shares following the sale of the Renewable Parts and Services business for $87M cash. B&W remains focused on improving its balance sheet and the reiterated guidance after the sale reflects its increased confidence in the business given strong activity levels, but Craig-Hallum continues to look for a better entry point, the analyst tells investors in a research note.
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