B. Riley Issues a Buy Rating on HC2 Holdings

By Jason Carr

B. Riley analyst Sarkis Sherbetchyan assigned a Buy rating to HC2 Holdings (NYSE: HCHC) today and set a price target of $10. The company’s shares opened today at $4.94.

Sherbetchyan commented:

“We believe the acquisition is additive to HCHC’s marine services portfolio of assets and services, as the acquired trenching and cable lay assets/capabilities could further bolster this segment’s ability to bid for, secure, and perform additional projects of work.”

According to TipRanks.com, Sherbetchyan is a 3-star analyst with an average return of 20.2% and a 66.7% success rate. Sherbetchyan covers the Consumer Goods sector, focusing on stocks such as Vishay Precision Group, S&W Seed Company, and Ferroglobe PLC.

HC2 Holdings has an analyst consensus of Moderate Buy, with a price target consensus of $10.

The company has a one-year high of $7.27 and a one-year low of $3.80. Currently, HC2 Holdings has an average volume of 235.5K.

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HC2 Holdings, Inc. engages in the acquisition and grow attractive businesses that generate sustainable free cash flow. It operates through following business segments: Manufacturing, Marine Services, Insurance, Telecommunications, Utilities, Life Sciences and Other. The Manufacturing segment is a structural steel fabricator and erector in the United States.