Aecom upgraded to Outperform from Neutral at Credit Suisse

Credit Suisse analyst Jamie Cook upgraded Aecom to Outperform from Neutral with a price target of $98, up from $95. As a pure play in professional infrastructure services, the analyst believes Aecom stands to benefit from secular tailwinds tied to infrastructure stimulus in the U.S. and globally. In the U.S., Aecom expects multi-year tailwinds from IIJA to take place in 2023 and beyond. Importantly Aecom will be one of the early beneficiaries given involvement in front end engineering and design, Cook notes. Internationally, demand remains strong in Australia and Canada and long-term outlook positive in Saudi Arabia as well as U.K. despite near-term macro uncertainty, the analyst adds.