Truist lowered the firm’s price target on Aecom to $107 from $113 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results in Machinery, Infrastructure Services, and Multi-Industry / Industrial Technology. The recovery in industrials has been pushed out by 6 months, setting the group up well for 2025, with guidance cuts now expected and reflected in the underwhelming stock performance over the past quarter, the analyst tells investors in a research note. The most significant estimate cuts were for farm equipment names as Truist now assumes the downturn extends into 2025, the firm states, adding that it sees Infrastructure Services names as a safer haven, supported by strong backlogs and continued growth in orders.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ACM:
- Aecom elected as lead designer for Portage Bay Bridge replacement in Seattle
- Aecom price target lowered to $102 from $112 at Argus
- Aecom-led JV selected to provide facility support services for U.S. Navy
- Aecom awarded U.S. nationwide program management services contract by FEMA
- Aecom joint venture appointed by Unitywater as Professional Services Partner