Business
Worley (ASX:WOR) boosted today after broker says ‘buy’
The Worley Ltd (ASX: WOR) share price received a boost in today’s trading after analysts at Goldman Sachs rated the company a Buy, and raised the 12-month price target by 27% to $15.70. Following the announcement, the Worley share price lifted 2.43% to $12.42.
Why did Goldman rise its target share price
Goldman believes that Worley’s exposure and transition to renewable energy projects will drive earnings growth and reduce its cyclicality. The broker says that Worley is well-positioned to leverage its expertise as the industry transitions from fossil fuel to renewable energy.
As a result of this industry pivot, Goldman believes that Worley’s sales will grow from an estimated $345 million in the 2020 financial year to $2.5…
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