KeyBanc upgraded AECOM Technology (NYSE: ACM) from Sector Weight to Overweight with a price target of $32.00. The change follows Q1 results and was tied to thematic outlook and valuation.

Analyst Tahira Afzal said, "Upgrading ACM from SW to OW, driven by a more positive view on domestic Federal agency and transportation spending and on relative valuation. We gaugethese thematic upticks are sufficient to support a low single-digit revenue growth rate and allow ACM to deliver at least at the lower end of its MT FCF range of $600M-$800M. ACM is now trading at an attractive valuation level from an FCF and GAAP EPS basis, as we transition into FY17, with an FCF/EV yield of 8% + and FTM PE of less than 10x on GAAP EPS."

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Shares of AECOM Technology closed at $24.36 yesterday.