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First Albany keeps underperform on Shaw Group (SGR
Analyst Sanjay Shrestha says at first glance it appeared that with the contract announced today, the company could now address its Lyons debt puttable in May 2004. But after further analysis and talks with experts in the industry, he says he remains concerned that this announcement is unlikely to alleviate liquidity concerns.
He says, while shares could enjoy favorable trading dynamics near term, he would encourage investors to capitalize on this upward move, liquidate their positions on strength, as the company still needs to issue debt or equity to fully address the Lyons debt.