Buy Tetra Tech (TTEK) on Weakness - FBR Capital
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Price: $35.82 -1.89%
Rating Summary:
16 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
16 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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FBR Capital lowered estimates and its price target on Outperform-rated Tetra Tech (NASDAQ: TTEK) from $36 to $32 following lower 2nd-half expectations from the company due to unexpected weakness in Eastern Canada and continued softness in the mining sector.
The firm cut EPS to $0.38 (from $0.41), FY13 EPS to $1.63 (from $1.90), and FY14 EPS to $1.70 (from $2.10).
The firm said any weakness from the guidance should be viewed as a buying opportunity.
"Lastly, the guidance and estimate changes are disappointing, but we have followed TTEK for more than a decade and have seen various estimate revisions. One thing that stands out is that management has a history of "correcting expectations once," analyst Alex Rygiel comments. "As such, following the near-term weakness in the share price, we would be buyers, as our confidence in management's strategy to successfully reposition TTEK toward higher-growth private-sector markets remains high."
For an analyst ratings summary and ratings history on Tetra Tech click here. For more ratings news on Tetra Tech click here.
Shares of Tetra Tech are down 7.3 percent early to $26.29.
The firm cut EPS to $0.38 (from $0.41), FY13 EPS to $1.63 (from $1.90), and FY14 EPS to $1.70 (from $2.10).
The firm said any weakness from the guidance should be viewed as a buying opportunity.
"Lastly, the guidance and estimate changes are disappointing, but we have followed TTEK for more than a decade and have seen various estimate revisions. One thing that stands out is that management has a history of "correcting expectations once," analyst Alex Rygiel comments. "As such, following the near-term weakness in the share price, we would be buyers, as our confidence in management's strategy to successfully reposition TTEK toward higher-growth private-sector markets remains high."
For an analyst ratings summary and ratings history on Tetra Tech click here. For more ratings news on Tetra Tech click here.
Shares of Tetra Tech are down 7.3 percent early to $26.29.
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