Wunderlich Securities Initiates Coverage on Granite Construction (GVA) with a Hold; Slowdown in Order Flow to Impact Earnings Prospects
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Wunderlich Securities initiates coverage on Granite Construction (NYSE: GVA) with a Hold. Price target $27.
Wunderlich analyst says, "While we like Granite's position as a large, infrastructure-based construction company, the current economic downturn is resulting in a slowdown in order flow that will impact earnings prospects, possibly through 2010. Also, the likely delay in reauthorization of the highway bill could push back state plans to initiate larger highway projects beyond 2010. Earnings visibility through backlog, an E&C Hallmark, is likely to be significantly reduced for an extended period. We could become more constructive on the shares, all else being equal, when Congress acts on a new highway bill."
To see more analyst ratings on GVA Click Here.
Granite Construction Incorporated, together with its subsidiaries, operates as a heavy civil construction contractor and a construction materials producer for public and private sector clients in the United States.
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