Zacks Investment Research downgraded shares of URS Corporation (URS) from NEUTRAL to UNDERPERFORM on April 11, 2014, with a target price of $44.00.
We are reaffirming our Underperform recommendation on URS Corp. with a target price of $44. URS had a difficult fiscal 2013. The company reported weak results for the fourth quarter and fiscal 2013, with earnings down 72.6% year over year for the quarter and 15.8% for the year. Revenue for the quarter declined of 10.6% year over year. The decline was due to the uncertain economic environment and weak execution of orders in the oil & gas sector. Further, the Federal segment continued to remain a drag on the company's business. Backlog for the year was also down compared to 2012 by almost 15%. URS was facing problems due to the continuing delay in procurement decisions and reduction in anticipated spending in the defense sector. Further it was impacted ongoing uncertainty related to the political impasse that also led to the U.S. government shutdown and the continued economic uncertainty.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on URS Corporation (URS),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment