JPMorgan analyst Tomohiko Sano downgraded Great Lakes Dredge (GLDD) to Underweight from Neutral with an unchanged price target of $17. The firm cites comparatively lower near-term upside for shares versus peers, rather than a negative long-term outlook, for the downgrade. JPMorgan still expects the Saltchuk Resources acquisition to proceed, limiting Great Lakes’ upside relative to other names.
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