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Investing.com - Stifel has reiterated its Buy rating and $163.00 price target on Limbach Holdings (NASDAQ:LMB) after reviewing a short report by Spruce Point Capital Management. The target represents a 31% upside from current levels, though InvestingPro data shows the stock trading above its Fair Value after a remarkable 95% gain over the past year.
The research firm stated that the short report has likely contributed to Limbach’s share price weakness over the past few days, but described the findings as "largely unconcerning."
Stifel indicated that most issues raised in the Spruce Point report were either explainable, inaccurate, immaterial, or failed to consider one-time impacts to financial performance.
The firm also noted that some concerns raised were based on unusual adjustments, highlighted aspects consistent with normal business operations, or addressed risk factors already recognized by investors.
Stifel maintained its positive outlook on Limbach, suggesting that the recent dip in share price "likely presents an opportunity for longer term investors."
In other recent news, Limbach Holdings has reported significant developments that may interest investors. The company announced its acquisition of Pioneer Power for $66.1 million, aiming to expand its presence in the Upper Midwest. This acquisition was financed through a combination of available cash and an expanded credit facility from Wheaton Bank & Trust Company. In terms of financial performance, Limbach’s first-quarter 2025 revenues reached $133 million, surpassing the consensus estimate of $121 million. The company’s adjusted EBITDA for the quarter was $15 million, exceeding expectations and reflecting a substantial margin improvement. Stifel analysts have raised their price target for Limbach to $151 from $141, maintaining a Buy rating after the acquisition announcement. Additionally, Limbach held its annual meeting, where shareholders elected new directors and approved amendments to the company’s Omnibus Incentive Plan. These developments highlight Limbach’s strategic efforts to strengthen its market position and financial performance.
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