UPDATE: Oppenheimer Reiterates Outperform Rating, Lowers PT on Tetra Tech Following F3Q13 Results Announcement

In a report published Wednesday, Oppenheimer analyst Jim Giannakouros reiterated an Outperform rating on

, but lowered the price target from $34.00 to $31.00. In the report, Oppenheimer noted, “TTEK pre-announced lower expectations for F3Q13 given additional charges and further weakness in its E. Canadian and mining operations. More concerning, we think, is the ~$45M A/R writedown it plans to incur in F3Q to resolve claims on four (mostly completed) projects for gov't customers with significant budget issues. While some of these revenues may be recoverable, we're wary this may represent greater sequestration risk for TTEK than we'd previously contemplated. Taken together, we've adjusted our estimates in line with updated guidance and our price target to $31 (from $34). While we expect near-term weakness in TTEK shares, we maintain our positive long-term view and Outperform rating.” Tetra Tech closed on Tuesday at $26.73.