Tutor Perini (TPC) Prelim. Q3 Results Miss Views
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S&P Revises Outlook on Tutor Perini (TPC) to Negative; Ratings Affirmed
October 24, 2016 5:15 PM EDTS&P Global Ratings said that it has revised its outlook on Tutor Perini Corp. (NYSE: TPC) to negative from stable and affirmed its 'BB-' corporate credit rating on the company.
At the same time, we assigned our 'BB-' issue-level rating and '3' recovery rating to the company's proposed $500 million senior unsecured notes. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; lower half of the range) in the event of a payment default.
Additionally, we lowered our issue-level rating on the company's $200 million senior unsecured... More
Seaport Global Securities Upgrades Tutor Perini Corporation (TPC) to Buy
October 24, 2016 11:38 AM EDTSeaport Global Securities upgraded Tutor Perini Corporation (NYSE: TPC) from Accumulate to Buy and maintained a price target of $26, saying valuation is more compelling in light of stronger cash from ops.
Analyst Ryan Cassil commented, "We have adjusted our 2016/2017 estimates, and are upgrading our rating on TPC shares to Buy (from Accumulate) with an unchanged $26 price target. This follows recent weakness in TPC shares that has come about despite our thesis for balance sheet improvement, which we believe will eliminate about 3.0x P/E multiple points of valuation discount while... More
