MKM Partners Raises price Target on Tutor Perini (TPC) to $34; Reiterates Buy

MKM Partners reiterated a Buy rating on Tutor Perini Corporation (NYSE: TPC), and raised the price target to $34.00 (from $31.00), after updating estimates. MKM adjusted 2017 estimates to $2.44/share from $2.58/share previously, and introduced 2018 estimates of $2.68/share.

Analyst Daniel Scott commented, "Investment options in infrastructure remain a hot topic among investors, particularly after the election results. We have also written extensively on state and local initiatives, particularly in California, that should favor increased infrastructure spending. Outside of aggregates and cement producers, we believe there are only a handful of E&C companies to invest in to get exposure to that end market. Outside of Granite Construction (GVA, Buy, $56.32, $70 PT), TPC is the company in our coverage universe with the most exposure to infrastructure spending."

For an analyst ratings summary and ratings history on Tutor Perini Corporation click here. For more ratings news on Tutor Perini Corporation click here.

Shares of Tutor Perini Corporation closed at $29.25 yesterday.

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