Zacks Investment Research upgraded shares of Jacobs Engineering Group Inc. (JEC) from NEUTRAL to OUTPERFORM on November 25, 2013, with a target price of $72.00.
Jacobs reported improved year-over-year earnings as well as revenues for the fourth quarter of fiscal 2013. Earnings were helped by a rise in the revenues as well as a decline in the company's costs. Adjusted earnings for the quarter grew 5.0% year over year to $0.84 per share. Hike of 12.8% in revenues were due to improvement across both its segments. Moreover, Jacobs plans to grow inorganically on the back of both the Ilitha acquisition and the proposed acquisition of Sinclair Knight, expected to consummate in first-quarter fiscal 2014. Jacobs has also been successful in winning the confidence of its customers resulting in higher earnings through repeat business with its existing clients. Additionally, the company is benefiting from its strong and continued contract wins. Based on these factors, we are upgrading our recommendation on the stock to Outperform from Neutral.
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