Aecom price target raised to $109 from $102 at RBC Capital

RBC Capital analyst Sabahat Khan raised the firm’s price target on Aecom to $109 from $102 and keeps an Outperform rating on the shares after its Q4 earnings beat and above-consensus FY24 guide. Heading into next year, the company looks well positioned for continued progress, with FY24 guidance metrics pointing to a strong demand environment across Aecom’s core markets as its optimization initiatives should also drive margin improvement, the analyst tells investors in a research note.