UPDATE: Stifel Nicolaus Initiates Willbros Group at Buy

Stifel Nicolaus is out with its report today on Willbros Group WG, initiating WG at Buy. In its report, Stifel Nicolaus writes, "We view Willbros as a higher risk investment because of its heavy interest burden and history of operating difficulties. However, we believe the company's simplified business model, orientation around growth markets, and streamlined cost structure should enable it to achieve significantly improved results over the next three years." Stifel Nicolaus has a $9 PT on WG. Shares of WG closed Monday at $5.99.