Oppenheimer analyst Noah Kaye initiated Twin Disc with an Outperform rating and $20 price target. In a research note to investors, Kaye says the company has carved out strong positions in marine propulsion, fracking and other industrial applications that leverage its core competencies in power transmission. While the analyst sees decelerating growth in key end-markets and recognizes the challenging current market environment for the shares, Kaye says this is reflected in a depressed EV/S multiple, which he believes should be structurally higher given Twin Disc's improving stability and earnings power.