Canaccord Genuity Raises Price Target on AECOM Technology (ACM) Following 4Q

November 15, 2016 9:49 AM EST
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Price: $35.70 +1.13%

Rating Summary:
    11 Buy, 7 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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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."

For an analyst ratings summary and ratings history on AECOM Technology click here. For more ratings news on AECOM Technology click here.

Shares of AECOM Technology closed at $36.95 yesterday.

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