Deutsche Bank analyst Chad Dillard believes the Trump-driven infrastructure rally in the Engineering & Construction space has gone "too far too fast." Post the election, infrastructure E&C shares rose by 20% and price-to-earnings ratios reached prior cyclical peaks, Dillard tells investors in a research note. It looks more likely that funding for a Trump infrastructure plan will be private rather than public, the analyst adds. Dillard notes, however, that he remains positive on the infrastructure theme. He believes the market is being "overly optimistic" towards Jacobs Engineering (JEC) and Fluor (FLR), while shares of AECOM (ACM) still have room to run.