Tutor Perini price target raised to $11 from $8 at B. Riley

B. Riley raised the firm’s price target on Tutor Perini to $11 from $8 and keeps a Buy rating on the shares. The company’s Q2 results were mixed, with better than expected revenue but lower than expected earnings due, in part, to a noncash write-down on an adverse ruling on a specialty segment project in New York, the analyst tells investors in a research note. The firm cites expectations for continued cash collections in the second half of 2023, which will be used to pay down debt, and the increased visibility coming from backlog growth and strong bid pipeline for the Buy rating.