B. Riley analyst Alex Rygiel lowered the firm’s price target on Tutor Perini to $8 from $10 and keeps a Buy rating on the shares. Q4 and 2022 results were negatively impacted by significant adverse judgments, dispute settlements and change orders, which most likely will continue, said the firm, which thinks 2023 will "be a transition year." However, it adds that the backlog is poised for significant growth and sees record CFFO due to strong collections as expected to continue through 2023.
Published first on TheFly
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