Zacks Investment Research upgraded shares of Tetra Tech Inc. (TTEK) from UNDERPERFORM to NEUTRAL on November 25, 2013, with a target price of $30.00.
We have upgraded our recommendation from Underperform to Neutral on Tetra Tech with a target price of $30. The company's focus on organic growth and new contracts are largely responsible for its progress. The company reported modest fourth-quarter fiscal 2013 earnings. However, backlog declined 10.7% with poor performances in two out of three reporting segments. Further, the lingering weakness in the Eastern Canadian business especially the mining sector is expected to adversely impact its business in the upcoming quarters. However, the company's shift in focus from the federal work to U.S. Commercial, U.S. International, U.S. state and local is expected to benefit the company's profitability, going forward, as this shift makes the company less vulnerable to the instability in the federal government.
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