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CSFB Upgrades Shaw Group to 'Outperform'

Credit Suisse First Boston upgraded Shaw Group (SGR) to outperform from neutral.

Analyst John McGinty says fiscal 2003 (August) marked a transition point as power markets likely bottomed, and the new environmental and infrastructure business became a dominant part of Shaw. He says management reaffirmed the fiscal 2004 (August ) revenue and earnings guidance with the bulk of requisite orders essentially in hand.

McGinty says the fiscal 2005 outlook is improving, with the strongest potential in the power markets -- but not for new generation -- instead, it is for scrubbers, re-powering, and maintenance. He thinks fiscal 2004 orders may reach $2 billion; if so, Shaw could see a recovery to $3 billion of revenues in fiscal 2005. McGinty set a $15 targ

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