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Fly News Breaks for August 22, 2019
ACM
Aug 22, 2019 | 06:23 EDT
BofA/Merrill analyst Michael Feniger resumed coverage of Aecom with a Neutral rating and a price target of $37. The analyst notes that in a slowing macro environment, the infrastructure market is supporting the company's core business segment - Design & Consulting Services. Feniger further notes that Aecom's operating margin will reach a 3-year high next quarter thanks to the management's cost reduction efforts, while the spin of its Management Services unit should make the company a more "focused infrastructure business" longer term.
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