UPDATE: D.A. Davidson Reiterates on Tetra Tech Following Improved Q4 Earnings

In a report published Friday, D.A. Davidson & Co. analyst John B. Rogers reiterated a Neutral rating on

, and raised the price target from $26.00 to $32.00. In the report, D.A. Davidson & Co. noted, “Tetra Tech reported lower, but better than expected, earnings for the fourth quarter as indicated below. Although revenue and operating income, excluding unusual items in FY12, declined, the results improved significantly on a sequential basis following restructuring and organizational changes...The reported Q4 earnings brought full-year EPS to a loss of $0.03 compared to earnings of $1.63 in FY12. Even after adjusting for a goodwill impairment charge of $0.73 per share, operating results were well below historical trends and original expectations as a result of slowing Federal spending, a downturn in mining-related engineering demand, and problems with recently acquired operations in Quebec, Canada. Notably, declines in Federal and International work offset substantial growth in state and local public agencies work, as well as improved private industrial work.” Tetra Tech closed on Thursday at $28.68.