KBR reinstated with a Buy at BofA

BofA analyst Mariana Perez Mora reinstated coverage of KBR with a Buy rating and $65 price target. KBR has taken "significant actions" over the last two years to "crown the multi-year portfolio transformation strategy" that started in 2014, said the analyst, who sees KBR having transitioned away from cyclical, non-strategic areas into high-growth, better-funded end markets. The new portfolio is "already bearing fruit" with its defense exposure while the non-Government Solutions portfolio is "strongly positioned to benefit from the increasingly relevant energy trilemma," Perez Mora tells investors.