UBS upgraded Tutor Perini to Buy from Neutral with a price target of $27, up from $14. Because Tutor has reported losses over the past two years, investors are underappreciating the earnings power of the core business, the analyst tells investors in a research note. The firm believes the losses were due to nonrecurring factors, and with improving demand, balance sheet improvement, and management changes, it expects an earnings recovery to pre-COVID levels or higher. TTutor Perini is returning to more normalized earnings, resolving legacy disputes, contends UBS.
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