Market Overview

UPDATE: DA Davidson Downgrades Granite Construction to Neutral; Valuation Full in Near Term

Related GVA
Events for the Week of Sept. 8-12
Granite Construction To Add $31M To Q2 Backlog - Analyst Blog

DA Davidson lowered its rating on Granite Construction (NYSE: GVA) from Buy to Neutral with a reiterated $30 price target.

DA Davidson noted, "[T]he shares are now trading at a substantial premium to peers based on our estimates for EPS and EBITDA, which are unchanged. A portion of the premium can be justified by the company's historical growth and competitive advantages, including large project capabilities and local experience, as well as the incremental value in the company's aggregates reserves. However the current premium appears to leave modest near-term upside potential relative to our $30 price target."

Granite Construction closed at $28.07 on Monday.

Latest Ratings for GVA

DateFirmActionFromTo
Dec 2013DA DavidsonMaintainsNeutral
Dec 2013Goldman SachsUpgradesNeutralBuy
May 2013Goldman SachsUpgradesSellNeutral

View More Analyst Ratings for GVA
View the Latest Analyst Ratings

Posted-In: DA DavidsonAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (GVA)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters

Benzinga Professional