Baird starts TIC Solutions at Neutral following NV5 deal

As previously reported, Baird initiated coverage of Acuren (TIC) – the largest provider of non-destructive testing, inspection, and engineering services in North America – with a Neutral rating and $15 price target The August NV5 acquisition nearly doubled revenue while allowing the company to enter the public/private infrastructure, buildings, and geospatial professional technical services markets, notes the analyst, who points out that other North American non-destructive testing peers do not have this offering. Solid execution could attract incremental shareholder interest, but risk is higher given NV5 integration, a newly de-SPACed company, and strong stock performance, the analyst tells investors. Acuren announced that it will rebrand as TIC Solutions, with the name change to be effective October 10.