DA Davidson analyst Brent Thielman raised the firm’s price target on Matrix Service to $15 from $11 and keeps a Buy rating on the shares. The company’s Q4 results reflect low levels of earnings/EBITDA, although improved cost absorption and completion of legacy work were the highlights of the quarter, the analyst tells investors in a research note. The firm adds that its price target increase reflects improving confidence in the trajectory of a financial recovery, and provided good execution, this is likely to support much higher share price levels.
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