As previously reported, DA Davidson analyst Brent Thielman downgraded Granite Construction to Neutral from Buy with a price target of $30, down from $45. The analyst notes that his prior positive thesis was rooted in expectation of large heavy civil project losses being confined to a few projects, but says the latest quarter showed an expansion in that trend. Thielman adds that while successful claims processes may result in "significant" upside and ease investor concerns, the lack of near-term clarity and the potential for further writedowns give him pause. The analyst states that he is "less optimistic" about near-term share price appreciation for Granite Construction.