KeyBanc raised the firm’s price target on Tetra Tech to $231 from $219 and keeps an Overweight rating on the shares. The firm notes that at its investor day, Tetra Tech presented 2030 targets for revenue, EBITDA, and margins, implying a 12% CAGR for revenue and NSR, 17% CAGR for EBITDA, and about 50 bps of annual margin expansion; reiterated capital allocation philosophy of maintaining 100%-plus cash conversion and 1-2x net leverage; highlighted depth of senior talent and provided details on scientific capabilities in water, environmental remediation, and energy transition; and hinted at potential of outsized growth in recurring revenue from software sales.
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