UPDATE: Stifel Reiterates Buy Rating, Raises PT on Tetra Tech as Visibility Into 2014 Improvement Increases

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In a report published Friday, Stifel analyst Noelle Dilts reiterated a Buy rating on
Tetra TechTTEK
, and raised the price target from $29.00 to $33.00. In the report, Stifel noted, “TTEK reported F4Q13 EPS of $0.39, above our estimate of $0.36 and the consensus of $0.37. The beat vs. our forecast was entirely operational, and was largely due to strong discretionary cost control and a reduction in annual bonus payouts. This resulted in significantly lower-than-forecast SG&A, which served to benefit EPS by $0.06 per share. Net revenue of $531.5 million beat our forecast by 1.2%. However, the entire beat came from acquired operations Parkland and AEG, as the quarterly organic revenue decline of 10.4% was greater than our expectations for a 9.3% decrease.” Tetra Tech closed on Thursday at $28.68.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsNoelle DiltsStifel
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