Aecom price target raised to $112 from $99 at Argus

Argus analyst John Staszak raised the firm’s price target on Aecom to $112 from $99 and keeps a Buy rating on the shares. The firm believes that the growing demand for road and water projects should provide the company’s Design & Consulting Service segment with a stable source of revenue, noting that the total backlog in the design business increased by 9% over the prior year to $21.8B, which set a new record. Aecom shares also appear favorably valued at 20.8-times the firm’s FY24 EPS estimate, below the peer average of 25-times, the analyst tells investors in a research note.