Austal's (ASX:ASB) negotiations with the Australian Government on the strategic shipbuilding agreement, once finalized, is expected to potentially push the company's order book into the region of AU$20 billion, said Euroz Hartleys in a Friday note.
The company raised AU$200 million in new capital to fund the expansion of its mobile Alabama shipyard.
The recent equity raise adds flexibility in pursuing the company's current construction ambitions, said the note.
The research firm raised Austal's price target to AU$4.75 from AU$4.71 while maintained a buy rating.
The company's shares rose 4% in recent Friday trade.
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