Sidoti upgraded Tutor Perini to Buy due to valuation and maintained its $14 price target on shares.

B. Riley analyst Alex Rygiel raised the firm's price target on Tutor Perini to $17 from $16 and keeps a Buy rating on the shares. The analyst increased estimates post the Q1 beat and expects a continuation of cash collections and cash flow generation as well as backlog growth throughout 2024 and 2025. This setts up Tutor for significant growth in 2025 and beyond, the analyst tells investors in a research note.

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Ronald Tutor, Chairman and Chief Executive Officer, remarked, "We delivered great results that were better than expected for the first quarter of 2024, including solid revenue growth and profitability in our Civil and Building segments, strong backlog growth compared to the prior year, and the second-highest operating cash flow result of any first quarter since 2008. We continue to anticipate that our backlog will grow significantly later this year and in 2025, as we pursue and expect to capture our share of various large project opportunities amid a very strong, multi-year demand environment supported by federal, state and local government funding sources, and limited competition for many of the larger projects."

Reports Q1 revenue $1.05B, two estimates $874.63M.