DA Davidson analyst Brent Thielman downgraded Tutor Perini to Neutral from Buy and lowered his price target to $20 from $32. The analyst cites his review of the timing of the company's project ramp and large project activity, stating that its earnings will likely be weighed further toward the back of the year. Specifically, Thielman points to the delays "associated with the Newark Terminal, California High Speed Rail and the LA Purple Line project". Based on his more conservative growth assumption, the analyst also lowers his FY19 EPS outlook to $2.25 from $2.80, adding that while Tutor Perini valuation is inexpensive, its near-term catalysts offer little visibility.