Sterne Agee Initiates Jacobs Engineering Group Coverage: Buy, $53 PT

Sterne Agee initiated Jacobs Engineering Group

coverage with a Buy rating and $53 price target in a research report published today. In the report, Sterne Agee states, "We view Jacobs as a high quality equity that reflects a long-term defendable business model, a solid management team, a conservative and strong financial profile. We believe Jacobs could benefit from its large end market exposure in the Canadian Oil Sands, improving crack spreads and maintenance activity from Gulf Coast refinery customers, shale gas/oil and petrochemical opportunities in the U.S. and international expansion opportunities, particularly in mining and minerals." Shares of Jacobs Engineering Group closed today at $39.75, down 2.31% from Tuesday's market close.