Goldman Sachs analyst Jerry Revich upgraded Granite Construction to Buy from Neutral and raised his price target for the shares to $53 from $50. The analyst wants increased exposure to the U.S. infrastructure cycle, particularly in California, which represents nearly 30% of Granite's sales, as he expects funding from Senate Bill 1 to emerge in the coming quarters Revich believes U.S. infrastructure has been in a state of accelerating recovery since the second half of 2018. Cyclical upside in public construction will drive organic growth in Granite Construction, the analyst tells investors in a research note.