Bowman Consulting initiated with a Buy at Craig-Hallum

Craig-Hallum initiated coverage of Bowman Consulting with a Buy rating and $46 price target and placed the stock on the firm’s Alpha Select list, which it calls “an actively researched collection of small, under-followed public companies that we believe have the potential to become much larger.” Bowman is a high-growth and high-margin business benefiting from increasing demand for engineering services and strategic M&A within “a massive and fragmentated market, says the firm, which adds that it sees the potential for “a $65+ stock” as Bowman executes against its $500M revenue and high-teens EBITDA margin targets.