UPDATE: Imperial Capital Initiates Tutor Perini Corporation with Outperform, $16 PT on End Market Rebound

Imperial Capital initiates its coverage on Tutor Perini Corporation

with an Outperform rating and a price target of $16. Imperial Capital says, "As a leading contractor in the general building and civil construction markets with a focus on large-sized projects, we believe Tutor Perini is well positioned to benefit from a gradual recovery in the U.S. nonresidential construction sector over the next few years. …Roughly 95% of Tutor Perini's 2011 revenues were generated in the U.S. across a variety of public and private end markets. While various economic indicators for the U.S. nonresidential construction are mixed, most data points suggest that the market has bottomed and is making its way toward a moderate recovery." TPC closed at $11.47 on Thursday.