FBR Capital Reiterates an 'Outperform' on Jacobs Engineering (JEC); Q2 Review--Solid New Awards, Outlook Remains Cautiously Positive
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Price: $85.84 --0%
Rating Summary:
23 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
23 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital reiterates an 'Outperform' on Jacobs Engineering (NYSE: JEC), PT $58.
FBR analyst says, "Yesterday morning, Jacobs announced FY2Q11 (March) results that were mostly in line with expectations. Revenue and EPS were in line and aided by the acquisition of Akers Solutions. Guidance was narrowed to the lower end due in part to continued uncertainty around federal budgets. However, we believe the catalyst to JEC is the strong backlog with and without the Akers acquisition. Backlog and new awards are slowly coming off the trough and we expect this trend to continue. Jacobs currently has approximately 65% of revenue from strong or improving markets, which bodes well for growth, and has a strong balance sheet that we believe will be used to make additional acquisitions that diversify the company's geographic presence, services, and end markets."
"We are leaving our EPS estimates for FY2011 and FY2012 unchanged at $2.60 and $2.95, respectively. EPS guidance for FY2011 was narrowed to the lower end to $2.40–$2.80 (from $2.40–$2.85). Our CY2011 and CY2012 EPS estimates are also unchanged at $2.70 and $3.02, respectively."
For more ratings news on Jacobs Engineering click here and for the rating history of Jacobs Engineering click here.
Shares of Jacobs Engineering closed at $49.53 yesterday.
FBR analyst says, "Yesterday morning, Jacobs announced FY2Q11 (March) results that were mostly in line with expectations. Revenue and EPS were in line and aided by the acquisition of Akers Solutions. Guidance was narrowed to the lower end due in part to continued uncertainty around federal budgets. However, we believe the catalyst to JEC is the strong backlog with and without the Akers acquisition. Backlog and new awards are slowly coming off the trough and we expect this trend to continue. Jacobs currently has approximately 65% of revenue from strong or improving markets, which bodes well for growth, and has a strong balance sheet that we believe will be used to make additional acquisitions that diversify the company's geographic presence, services, and end markets."
"We are leaving our EPS estimates for FY2011 and FY2012 unchanged at $2.60 and $2.95, respectively. EPS guidance for FY2011 was narrowed to the lower end to $2.40–$2.80 (from $2.40–$2.85). Our CY2011 and CY2012 EPS estimates are also unchanged at $2.70 and $3.02, respectively."
For more ratings news on Jacobs Engineering click here and for the rating history of Jacobs Engineering click here.
Shares of Jacobs Engineering closed at $49.53 yesterday.
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