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Fly News Breaks for January 13, 2020
Jan 13, 2020 | 04:59 EDT
Goldman Sachs analyst Jerry Revich downgraded Granite Construction to Sell from Neutral with a price target of $26, down from $29. Rising unbilled receivables, rising joint venture funding, further project delays, and a rising number of projects with negative revisions suggest risk of further writedowns in the coming quarters, Revich tells investors in a research note. The analyst is concerned with an increasing number of company-specific data points" that suggest Granite shares are "likely to miss the cycle."