NEW YORK — National Bank of Canada cut its 12-month price target for AECOM (NYSE: ACM) to $95 from $103, joining a wave of analysts trimming estimates for the global infrastructure firm.
The 11-analyst consensus target now stands at $95, down from a prior average of $98.23. Individual forecasts range from $73 to $106 per share.
At AECOM's Aug. 10 closing price, the $95 consensus implies roughly 30 percent upside.
Royal Bank of Canada also lowered its target, to $105 from $111, while maintaining an outperform rating. Simply Wall St trimmed its target to $106.88 from $121.75.
Analysts cited updated assumptions on revenue growth, profit margins, discount rates and forward price-to-earnings multiples as drivers of the reductions.
Despite the cuts, 14 of 16 covering analysts rate AECOM a Buy and two rate it a Hold. No analyst carries a Sell rating.
AECOM provides design, engineering, construction and management services across transportation, buildings, water, energy and government sectors. Government spending initiatives and private development investment continue to support long-term project pipelines for firms in the space.
