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Fly News Breaks for August 7, 2019
GVA
Aug 7, 2019 | 21:26 EDT
Goldman Sachs analyst Jerry Revich downgraded Granite Construction to Neutral from Buy and lowered his price target for the shares to $31 from $50. The analyst says his May upgrade to Buy was wrong as Granite's project losses continued on the problem projects into Q2. Following $144M of charges for these projects in Q2, the analyst does not see a path to prior cycle margins for its Large Construction business. Granite's Large Construction project issues raise concerns about its earnings power, contends Revich.
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