KeyBanc raised the firm’s price target on Jacobs (J) to $170 from $157 and keeps an Overweight rating on the shares. The firm believes the company remains well positioned for the multi-year infrastructure investment theme, with strong exposure to water, environmental, transportation, and advanced manufacturing end markets. KeyBanc cites confidence in Jacobs’ ability to deliver on its long-term targets of 6%-8% organic NSR growth, 50-80 bps annual margin expansion, and double-digit EBITDA and free cash flowgrowth. The next catalyst here will be a decision on the purchase of the portion of PA Consulting it does not currently own which could drive revenue and cost synergies, further de-risking the margin expansion targets, the firm adds.
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