Baird analyst Andrew Wittmann lowered the firm’s price target on Aecom to $96 from $110 and keeps an Outperform rating on the shares. The firm updated estimates to reflect a correction to their previously modeled interest assumptions, but also modestly lowering estimates from a fundamental perspective. As a result of the changes, we are incrementally more cautious towards shares with below consensus estimates, but maintain the positive rating on still-good growth and attractive ROIC improvement.
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