B.Riley FBR Reiterates a Buy Rating on HC2 Holdings (HCHC)

By Ryan Adsit

In a report released today, Sarkis Sherbetchyan from B.Riley FBR reiterated a Buy rating on HC2 Holdings (NYSE: HCHC), with a price target of $13.50. The company’s shares opened today at $5.72.

Sherbetchyan wrote:

“We believe GrayWolf’s services revenue adds diversity and, perhaps, more predictability to the construction segment’s project-based revenue model, which tends to be lumpy, in our opinion. We expect management to not only capture cost-based synergies when integrating the acquisition into the construction platform, but also leverage relationships to offer customers additional services that could drive incremental revenues over time. HCHC has completed tuck- in acquisitions to expand its capabilities in detailing and building information management (BIM), as well as in the bridge and infrastructure sector.”

According to TipRanks.com, Sherbetchyan is a 4-star analyst with an average return of 7.3% and a 53.5% success rate. Sherbetchyan covers the Consumer Goods sector, focusing on stocks such as Lightpath Technologies, Vishay Precision Group, and S&W Seed Company.

Currently, the analyst consensus on HC2 Holdings is a Moderate Buy with an average price target of $13.50.

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The company has a one-year high of $7.79 and a one-year low of $4.78. Currently, HC2 Holdings has an average volume of 140.7K.

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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.