Roth MKM initiated coverage of Newpark Resources with a Buy rating and $10 price target. The analyst projects Newpark’s Industrial Solutions business to grow organically at 10% for next several years driven by electrification and decarbonization trends, stimulus funding and market share growth for composite matting systems. In addition, the firm expects Newpark will divest its Fluids business, which it notes has reduced corporate growth and margins. It believes doing so should highlight Industrial Solutions growth and profitability and allow the company’s valuation multiple to re-rate higher.
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