MKM Partners Defends Tutor Perini (TPC) After Muddy Waters' Short Call
- Wall Street hits record high for third day in a row
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
- Exclusive: Japan's TDK in talks to buy iPhone supplier InvenSense - sources
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
MKM Partners analyst Daniel Scott defended Tutor Perini Corporation (NYSE: TPC) following yesterday's sharp sell-off (>6%) on reports Muddy Waters was recommending shorting the stock, saying cash flows and cash levels have been insufficient to weather the "unpredictable, negative free cash flow business." Scott reiterated a Buy rating and price target of $28.
"We note that the company reiterated revenue and earnings guidance on the call and was looking for stronger 2H cash flows, which is seasonally typical for the company," the analyst said.
The report also cited risk that the company's bank lenders could "pull" the credit facility, which they believe is unfounded given the company being well within its leverage limit.
Shares of Tutor Perini Corporation closed at $20.75 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Finisar (FNSR) to $43 Following 2Q
- Jefferies Raises Price Target on Broadcom Ltd. (AVGO) to $210 Following 4Q
- Jefferies Raises Price Target on Finisar (FNSR) to $37 Following 2Q Beat and Raise
Create E-mail Alert Related CategoriesAnalyst Comments, Short Sales
Related EntitiesEarnings, Muddy Waters LLC
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!