Citi analyst Andrew Kaplowitz says that given a slowing macro environment, engineering and construction investor sentiment will continue to shift towards companies with "growth at a reasonable price" characteristics. Elevated backlogs, relatively healthy demand across most end markets as well as continued investment across multiple secular themes, like clean energy, electrification and defense modernization, could support bookings and project activity even as economic growth slows over the next few quarters, the analyst tells investors in a research note. The firm’s top pick remains Quanta Services (PWR), which it added to Citi’s Focus List, followed by MasTec (MTZ) and Jacobs (J).
Published first on TheFly
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