In a report released today, Sarkis Sherbetchyan from B.Riley FBR reiterated a Buy rating on HC2 Holdings (HCHC), with a price target of $11. The company’s shares opened today at $2.88, close to its 52-week low of $2.31.
Sherbetchyan commented:
“Buy-rated HC2 Holdings (HCHC, $11 PT) shares declined ~7% (after-hours), after the company reported 4Q adjusted EBITDA from its core operating subsidiaries that were below our model. The marine services segment drove the miss on project timing issues, unutilized vessel costs, and other discrete items. We find comfort in the marine services segment’s growing backlog (from $358M in 3Q to $483M in 4Q), but acknowledge the difficulty in modeling this lumpy segment. Given the project timing shifts discussed on the 4Q earnings call, we tempered our FY19 adjusted EBITDA estimate lower for this segment. Also, since HCHC continues to explore strategic alternatives for the marine services division, management did not provide annual adjusted guidance for this segment.”
According to TipRanks.com, Sherbetchyan is ranked #2637 out of 5236 analysts.
HC2 Holdings has an analyst consensus of Moderate Buy, with a price target consensus of $11.
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The company has a one-year high of $7.79 and a one-year low of $2.31. Currently, HC2 Holdings has an average volume of 351.2K.
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HC2 Holdings, Inc. engages in the acquisition and investment activities. It operates through following business segments: Construction, Marine Services, Insurance, Energy, Telecommunications, Life Sciences, and Other. The Construction segment is a structural steel fabricator and erector in the United States.
