UBS Downgrades Jacobs Engineering (JEC) to Neutral
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UBS downgraded Jacobs Engineering (NYSE: JEC) from Buy to Neutral with a price target of $56.00 (from $53.00).
Analyst Steven Fisher commented, "We believe Jacobs' management team is executing its business improvement program very well, as evidenced by margin improvement in a weak revenue environment. However, we are downgrading our rating on Jacobs to Neutral, from Buy, to reflect valuation, organic growth restrained by lack of customer confidence, and near-term uncertainty on an arbitration case."
Shares of Jacobs Engineering closed at $55.57 yesterday.
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