UPDATE: Bank of America Downgrades AECOM Technology; Lowers PO

According to a research report published this morning, Bank of America has downgraded AECOM Technology

from Buy to Underperform, and lowered PO from $35 to $20. In the report, Bank of America said, "The biggest change to our sentiment is less conviction in ACM's premium execution following larges misses on operating margins. The stock's multiple is likely to stay compressed until we get more conviction on margins being under control. Muted organic growth due to ~40% exposure to challenged US public spending relative to other E&C names will likely exacerbate any margin shortfall." AECOM Technology closed yesterday at $18.48.