Wunderlich Securities Lowering Price Target On Jacobs Engineering (JEC)

Wunderlich Securities lowered its price target on Jacobs Engineering JEC after the engineering company reported quarterly results which were mostly inline with estimates. It lowered its price target to $38 from $49. In the note to clients, Wunderlich writes, "Jacobs Engineering's (JEC) fiscal 3Q10 earnings were essentially in line with expectations after adding back a previously announced $0.48 court judgment. We are maintaining our $2.40 2010 EPS estimate but are trimming our fiscal 2011 EPS estimate to $2.45 from $2.70 to reflect expectations of a slow recovery in new orders through at least part of that year. Although the company suggested the overall environment was improving somewhat, we are concerned that several end markets could recover very slowly, which would hinder the speed of an earnings recovery in 2011. Our revised price target of $38, down from $49, is based on our new 2011 EPS estimate." Shares of Jacobs Engineering are trading at $36.01, down 2.91%‎ in Wednesday trading.