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Fly News Breaks for October 7, 2016
TPC
Oct 7, 2016 | 07:47 EDT
After Tutor Perini's stock fell more than 6% following a report that Muddy Waters had recommended shorting the stock, MKM Partners analyst Daniel Scott says the report cited concerns about the company's cash flows and cash levels. However, Scott expects the company's cash flows to rise in 2H16 as the company has made progress in reducing its unbilled costs, and he expects the progress to continue. Scott continues to view the stock as a good way to play "long-term bullish trends in U.S. infrastructure." He recommends buying the stock on weakness and keeps a $28 price target on the name.
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