UPDATE: Duncan Williams Initiates Willbros Group at Strong Buy (WG)

Duncan Williams is out with its report today on Willbros Group WG, initiating coverage on WG at Strong Buy. In a note to clients, Duncan Williams writes, "Our STRONG BUY rating is based on an earnings multiple of 20x 2012 estimated earnings, yielding a target of $16.00 per share. With the stock trading below book value, or 12x estimated 2012 earnings estimates, the upside potential of over 50 percent justifies our STRONG BUY rating." At the time of posting, shares of WG were trading pre-market at $10.10, down 0.30% from Wednesday's close.