Barclays downgraded BWX Technologies to Underweight from Equal Weight with a price target of $90, up from $75. The firm sees risk to BWX’s medium term mid-to-high-single digit EBITDA target, even with accelerating growth from medical/power, the analyst tells investors. BWX’s core Naval propulsion business has grown below Shipbuilding budgets and the firm sees continued pressure on aircraft carriers, which is the largest component of its Naval business, while also noting that the stock is trading at an “all-time high premium to peers.”
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