As previously reported, KeyBanc analyst Tahira Afzal downgraded Tutor Perini to Sector Weight from Overweight saying that while he sees its brand name and potential backlog carrying great EPS power, he does not have confidence that the current structural setup is conducive to consistent and efficient EPS and free cash flow translation. The analyst is also concerned over Tutor Perini's progressively weakening balance sheet being able to support the growth and risk profile of its upcoming work and given the longer than anticipated arbitration seen to date.