Bank of America Reports on Jacobs Engineering Group

Bank of America has published a report on Jacobs Engineering Group JEC commenting on FY3Q11 results. In the report, Bank of America wrote, "„Little new news in FY3Q11 results JEC delivered operating results roughly in line with consensus but below our more optimistic forecast. Field Services (Construction + O&M) revenue appears to have stabilized through FY11, and Technical Professional Services continues recovering but not as robustly as we expected. FY3Q11 backlog remained firm at $14bn (up 4% Y/Y), but exhibited no Q/Q growth in either segment (flat sequentially in both businesses). JEC maintained its wide FY11 EPS outlook, likely reflective of still limited visibility on the timing and pace of upturn in its key markets, including oil & gas." Bank of America rated Jacobs Engineering a Buy with a price target of $59.00. Jacobs Engineering Group closed Monday at $43.00.