Zacks upgraded shares of Jacobs Engineering Group (NYSE:JEC) from a neutral rating to an outperform rating in a research report sent to investors on Monday morning, Analyst Ratings News reports. The firm currently has $72.00 price target on the stock.
Zacks’ analyst wrote, “Jacobs reported improved year-over-year earnings as well as revenues for the fourth quarter of fiscal 2013. Earnings were helped by a rise in the revenues as well as a decline in the company’s costs. Adjusted earnings for the quarter grew 5.0% year over year to $0.84 per share. Hike of 12.8% in revenues were due to improvement across both its segments. Moreover, Jacobs plans to grow inorganically on the back of both the Ilitha acquisition and the proposed acquisition of Sinclair Knight, expected to consummate in first-quarter fiscal 2014. Jacobs has also been successful in winning the confidence of its customers resulting in higher earnings through repeat business with its existing clients. Additionally, the company is benefiting from its strong and continued contract wins. Based on these factors, we are upgrading our recommendation on the stock to Outperform from Neutral.”
A number of other firms have also recently commented on JEC. Analysts at Stifel Nicolaus reiterated a buy rating on shares of Jacobs Engineering Group in a research note to investors on Wednesday, November 20th. They now have a $67.00 price target on the stock. Separately, analysts at William Blair raised their price target on shares of Jacobs Engineering Group from $59.00 to $62.00 in a research note to investors on Wednesday, November 20th. They now have a market perform rating on the stock. Finally, analysts at UBS AG raised their price target on shares of Jacobs Engineering Group from $59.00 to $60.00 in a research note to investors on Wednesday, November 20th. They now have a neutral rating on the stock. Twelve investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $63.77.
Shares of Jacobs Engineering Group (NYSE:JEC) opened at 59.31 on Monday. Jacobs Engineering Group has a 52 week low of $39.73 and a 52 week high of $64.27. The stock has a 50-day moving average of $60.29 and a 200-day moving average of $58.10. The company has a market cap of $7.797 billion and a P/E ratio of 18.36.
Jacobs Engineering Group Inc is a technical professional services firm. The Company provides a diverse range of technical, professional, and construction services to a number of industrial, commercial, and governmental clients.
To view Zacks’ full report, visit www.zacks.com
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