Jacobs price target lowered to $123 from $144 at BofA

BofA lowered the firm’s price target on Jacobs (J) to $123 from $144 and keeps a Neutral rating on the shares. The firm sees a “challenging set up” into earnings in the Machinery, E&C, and Waste sector as a “lose-lose” situation could emerge, the analyst tells investors. According to BofA, either firms will cut guidance due to uncertainty or risk appearing out of touch with the reality of the situation. The firm is lowering price targets in the sector and is leaning more into services – such as aggregates, rentals, and waste – over original equipment manufacturers.