Tetra Tech (TTEK) PT Raised to $155 at Berenberg; Outlook Improves with Biden
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Berenberg analyst Sam England raised the price target on Tetra Tech (NASDAQ: TTEK) to $155.00 (from $135.00) while maintaining a Buy rating.
The analyst commented, "With the Democratic Party gaining control over both chambers of Congress, a potential barrier to the approval of Biden's infrastructure and environmental spending plans has been removed. As a result, we have included a bull case DCF scenario in our valuation methodology that looks to capture some of the upside potential from the new administration's plans. Additionally, we increase the multiples used to value TTEK by 9%, which we believe is supported by the broader rerating in our coverage (+7%) and the Russell 2000 (+9%) since mid-December."
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