UPDATE: DA Davidson Increases PT to $32 on Tetra Tech; Consistent Earnings Ramp
DA Davidson raises its price target from $30 to $32 on Buy-rated Tetra Tech (NASDAQ: TTEK) to reflect consistent earnings growth and further gains expected.
DA Davidson comments, "Tetra Tech's operating results reflect the company's successful targeting of international and commercial/industrial opportunities for engineering, consulting and project management services. …Earnings per share improved to $0.35 per share for the second fiscal quarter, up from $0.28 last year and slightly above our estimate of $0.34 (management guidance was for $0.32-$0.34 per share). …We continue to look for further earnings gains beyond the recent quarter. Management guided to earnings of $1.59-$1.66 per share for FY12 (up from $1.54-$1.64 previously), including $0.42- $0.45 in the current quarter."
TTEK closed at $27.20 on Thursday.
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