Great Lakes Dredge initiated with an Overweight at JPMorgan

JPMorgan analyst Tomohiko Sano initiated coverage of Great Lakes Dredge (GLDD) with an Overweight rating and $20 price target reflecting 35% upside. Great Lakes is the largest dredging contractor in the U.S. and is entering a “multi-year upcycle” driven by record government infrastructure spending, a $1B backlog, and expansion into offshore energy, the analyst tells investors in a research note. The firm says the company’s modernized fleet and offshore energy will support above-peer growth and margin expansion.