Truist is bullish on KBR‘s (KBR) announcement to separate the company’s MTS and STS segments into distinct entities. The firm likes that the new KBR could trade for 7-11 times premium from current company levels, and Truist expects minimal contract overlap and stranded costs. The firm has questions on the SpinCo leadership and the right multiple for standalone MTS. Truist reiterates a Buy rating on the shares.
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