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UPDATE: Stifel Nicolaus Raises PT to $56 on Jacobs Engineering Group on Bookings and Pricing Improvement

Related JEC
Jacobs Beats Q3 Earnings Estimates but Misses on Revenues
Earnings Scheduled For July 28, 2014

Stifel Nicolaus reiterated its Buy rating on Jacobs Engineering Group (NYSE: JEC) and raised the price target from $52.00 to $56.00.

Stifel Nicolaus commented, "JEC's bookings of $3.04B produced a quarterly book-to-bill rate of 1.10x, keeping the book-to-bill above the critical 1.00x level for 8 quarters running. Pricing continued to improve in the quarter, particularly within the company's process markets and the company is seeing engineering capacity tightening with craft labor next. … Management maintained FY2013 EPS guidance of $3.00-$3.50 and our estimate now stands at $3.42 vs. $3.40, previously on revenues of $12.1B, +11% y/y. For FY2014 our estimate remains unchanged at $3.82 on revenues of $14.1B, +16% y/y. We continue to rate JEC shares Buy with a price target of $56/sh."

Jacobs Engineering Group closed at $47.03 on Thursday.

Posted-In: Stifel NicolausAnalyst Color Price Target Intraday Update Analyst Ratings

 

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