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Fly News Breaks for January 18, 2018
GVA
Jan 18, 2018 | 07:46 EDT
Cowen analyst Joseph Giordano raised his price target on Granite Construction to $85 from $70 citing its decline in tax rate, backlog at record highs, federal infrastructure spending on the agenda, and recent state and local funding initiatives. The analyst did note that a recent contract win from its biggest customer, the California State DOT, is being set up for an appeal by voters. If defeated, this could then provide a headwind for the company, said Giordano, who reiterated his Outperform rating on Granite Construction shares.
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