Baird analyst Andrew Wittmann initiated coverage of Bowman Consulting with an Outperform rating and $37 price target. The analyst believes Bowman’s “rapid consolidation strategy can create value supported by precedent.” The firm likes the company’s like “low-risk” engineering/consulting model with low capital intensity and high free cash flow conversion. Bowman is broadening from its civil engineering roots, now touching a variety of high-growth end markets with good funding support, says Baird.
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