UPDATE: UBS Investment Research Reduces PT to $24 on Tutor Perini; Q1 Dissapoints

UBS Investment Research lowers its price target on Buy-rated Tutor Perini TPC from $26 to $24 following disappointment from Q1 report. UBS Investment Research notes, "Adj. Q1 EPS of $0.08 (ex- $0.11 of charges) missed UBSe of $0.41 mainly due to seasonality as well as the timing of new work and change orders. Mgmt noted that the $0.08 was only a bit below its own forecast, presumably due to the loss in Buildings. Bookings of $721m (book/bill of 0.8x) were above UBSe of $630m (book/bill of 0.6x), and total backlog declined to $5.9b, above UBSe of $5.7b but below $6.1b in Q4." TPC closed at $14.41 on Friday.