DA Davidson Upgrades Tetra Tech (TTEK) to Buy; Sustained Growth to Continue, Record EPS Expected, Historically Low Valuation

DA Davidson upgraded Tetra Tech (NASDAQ: TTEK) from Neutral to Buy with a price target raised from $21 to $27.

DA analyst says, "Tetra Tech has recently experienced substantially improved growth trends driven by contributions from the company's recent accretive acquisitions and rebounding organic growth trends. In particular, the company's increasing focus on international planning for mining and other infrastructure projects, private sector environmental planning and more efficient operations
have generated both revenue and margin increases. With backlog improving and rising client demand for its international water/environmental consulting services in support of ongoing mine, hydro power, oil sands and shale gas development, recent growth trends have improved."

"Attractive current valuation. The recent share price decline, which we attribute to market and sector pressures, has pushed the shares well below historical valuation norms and to the lowest multiples in the company's history. At 13x current earnings and 6x EV/EBITDA the shares are also trading below industry peers and are not reflective of growth potential."

For more ratings news on Tetra Tech click here and for the rating history of Tetra Tech click here.

Shares of Tetra Tech closed at $18.60 yesterday.

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