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Fly News Breaks for August 22, 2016
ACM
Aug 22, 2016 | 08:30 EDT
Deutsche Bank analyst Chad Dillard attributes the 10% selloff last week in shares of AECOM to concerns about its accounting practices, merger cost recognition and potential free cash flow overstatement, but the analyst believes many of these concerns are misplaced. Bears argue there are too many onetime EPS items, Dillard notes, but he thinks that even if these items are removed that the company's 2017 earnings power is attractive. Dillard lowered his price target on AECOM to $38 from $41, but keeps a Buy rating on the shares.
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