Market News

Granite Construction Bags $20M Union Valley Bike Trail Extension Contract

Infrastructure company Granite Construction Incorporated (GVA) has bagged a $20 million Union Valley Bike Trail Extension project from the Sacramento Municipal Utility District.

Located in the El Dorado National Forest, the project includes a paved bike trail over four and a half miles, a paved parking area, a picnic area, a one-mile boardwalk, and multiple bridge structures.

Granite Sustainability Specialist Raven Adams said, “This project aligns with Granite’s commitment to sustainable construction and environmentally responsible operations.” (See Granite Construction stock chart on TipRanks)

Adams added, “The increased accessibility and mobility options demonstrate the opportunities available when project design includes and considers the economic, social, and environmental impacts.”

Granite expects the project to be completed in October 2023.

Recently, D.A. Davidson analyst Brent Thielman upgraded the stock to Buy from Hold with a price target of $55 (38.2% upside potential).

During the company’s recent Q1 earnings call, Thielman asked if the company would be able to complete a majority of the contracts received under the Specialty and Water segments this year. To this, GVA President Kyle Larkin answered affirmatively, adding that a lot of specialty work is site development projects, which get converted relatively quickly.   

The other analyst covering the stock, Goldman Sachs’ Jerry Revich, on the other hand, has a Sell rating on the stock but increased the price target to $29 from $26.

The two ratings add up to a Hold consensus rating. The average Granite Construction analyst price target of $42 implies 5.5% upside potential. Shares have soared 123.4% over the past year.

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