UBS Maintains a 'Neutral' on Jacobs Engineering (JEC); Solid, In-line Q1; Market Wanted

UBS maintains a 'Neutral' on Jacobs Engineering (NYSE: JEC) price target raised from $41 to $48.

UBS analyst says, "Q1 EPS of $0.70 in line with the Street of $0.70; margins flat sequentially...Backlog up 1.3% seq; 2012 guidance of $2.80-$3.20 unchanged...We thought JEC’s Q1 was solid, and the growth outlook is still better than it has been over the last couple of years. However, expectations were too high for backlog and earnings growth, and the flattish backlog disappointed some investors. We think a beat and raise and better backlog growth will be necessary to move the stock higher. We have some confidence in backlog growth over the next 12 months, but our main concern is sluggishness and pricing in the public sector."

For an analyst ratings summary and ratings history on Jacobs Engineering click here. For more ratings news on Jacobs Engineering click here.

Shares of Jacobs Engineering closed at $45.28 yesterday.

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