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Fly News Breaks for March 7, 2018
STRL
Mar 7, 2018 | 06:27 EDT
DA Davidson analyst Brent Thielman lowered his price target on Sterling Construction to $20 from $22 in the wake of modestly below-consensus outlook for FY18. Thielman keeps his Buy rating on the stock however, adding that the company's "expected earnings ramp and de-risked backlog" are "severely misunderstood". The analyst believes that the soft backlog in Q4 was due to fewer new awards and a revenue burn in segments like Heavy Civil, but an improving mix of jobs and pending awards should allow bookings to recover.
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