Canaccord Genuity raised its price target on Granite Construction (NYSE: GVA) to $75.00 (from $70.00) while maintaining a Buy rating.

Analyst Bobby Burleson says the outlook for the company backlog is positive and notes the impact from SB-1 and state/local funding initiatives has yet to push bid volumes higher. The analyst suspects the company is poised for substantial earnings growth in 2018 noting the "record backlog, higher big margins, and increasing demand for construction materials." Burleson marginally increases FY 2018 EPS estimate.