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Fly News Breaks for July 11, 2019
GVA
Jul 11, 2019 | 08:36 EDT
DA Davidson analyst Brent Thielman kept his Buy rating and $58 price target on Granite Construction, saying yesterday's 9% pullback in the stock was not grounded in any new developments. The analyst recommends that investors build positions given the "favorable" backdrop of expected public sector spending and relative underperformance of the stock versus peers. Thielman believes that the market awaits evidence of Granite Construction's ability to monetize, and contends that the active bid lettings environment in the West and the gradual build in bookings amid improving public sector climate represent upside catalysts in the coming quarters and years.
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