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Fly News Breaks for July 22, 2019
Jul 22, 2019 | 06:54 EDT
SunTrust analyst Tobey Sommer initiated KBR with a Buy rating and a price target of $37, saying investors have "inflated" concerns about the company's Energy Solutions segment after its delays on the EPC ammonia project and Ichthys LNG Project in 2016, even though its revenue exposure to the segment has declined to 20% of total in Q1. The analyst contends that KBR's 5-turn discount valuation relative to its government service peers' 14.3-times multiple "belies" its "substantial" mix-shift toward the Government Solutions segment, which has grown its revenue exposure to 72% of total.
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