KeyBanc Upgrades AECOM Technology (ACM) to Overweight

KeyBanc upgraded AECOM Technology (NYSE: ACM) from Sector Weight to Overweight with a price target of $32.00. The change follows Q1 results and was tied to thematic outlook and valuation.

Analyst Tahira Afzal said, "Upgrading ACM from SW to OW, driven by a more positive view on domestic Federal agency and transportation spending and on relative valuation. We gaugethese thematic upticks are sufficient to support a low single-digit revenue growth rate and allow ACM to deliver at least at the lower end of its MT FCF range of $600M-$800M. ACM is now trading at an attractive valuation level from an FCF and GAAP EPS basis, as we transition into FY17, with an FCF/EV yield of 8% + and FTM PE of less than 10x on GAAP EPS."

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 $24.36 yesterday.

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