Shimmick price target lowered to $9 from $10 at Roth MKM

Roth MKM analyst Gerry Sweeney lowered the firm’s price target on Shimmick to $9 from $10 but keeps a Buy rating on the shares. The company’s Q4 results missed expectations as AECOM-related projects continue to be a drag, though these pressures should lessen moving through the year, with higher margin, less risky projects bid on by Shimmick over the past couple of years, the analyst tells investors in a research note. Shimmick remains well positioned to benefit from a secular uptick in water infrastructure investment, the firm added.