Canaccord Genuity Raises Price Target on AECOM Technology (ACM) Following 4Q
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Canaccord Genuity reiterated a Hold rating on AECOM Technology (NYSE: ACM), and raised the price target to $38.00 (from $33.00), following the company's 4Q earnings report. Reported revenues of $4.32B and EPS of $0.65 compared with consensus expectations for the period of $4.66B and $0.70 respectively. Management provided initial fiscal 2017 expectations. Guidance calls for EPS of $2.70 to $3.10 compared to prior consensus expectations for the period of $3.24.
Analyst Bobby Burleson commented, "ACM delivered results slightly shy of consensus and our view, while guidance for fiscal 2017 also fell short. While we have yet to see a strong positive inflection for backlog, the stock has rallied on multiple expansion across E&C names following the Trump win and ballot measures passed in California and elsewhere -- all favorable for future infrastructure funding. While we remain at HOLD following the Trump bounce, we could get more constructive long term with more conviction around Y/Y backlog improvement and will continue to evaluate our rating."
Shares of AECOM Technology closed at $36.95 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Canaccord Genuity
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