Wunderlich Raising Price Target On Tutor Perini (TPC)

Wunderlich Securities is raising its price target on Tutor Perini

after the company reported stronger than expected earnings. It is raising its price target to $32 from $28. It has a Buy rating on shares. In a note to clients Wunderlich states, "Second-quarter earnings for Tutor Perini (

) were well above expectations as strong margin performance combined with performance bonuses drove results. The order outlook appears very encouraging, and we believe Tutor is in front of a multi-year order upturn. The combination of Perini's industry-leading position in the building and government markets combined with Tutor-Saliba's highly successful civil construction business, both in the U.S. and in Guam, should enhance the combined company’s growth prospects as we emerge from the current economic downturn. We maintain a Buy rating on TPC shares and are raising our target to $32 from $28." Shares of Tutor Perini are skyrocketing this morning, up $1.50 to $20.51.