BMC Reiterates Buy on Tetra Tech (TTEK)

BMC is out with its report today on Tetra Tech TTEK, reiterating Buy. In a note to clients, BMC writes, "We recently had the opportunity to meet with Tetra Tech management to discuss recent corporate activities, forward strategy and key end market conditions. We came away from our discussions incrementally more positive that the company's future growth plans will yield significantly higher share prices. We continue to recommend purchase of Tetra Tech shares, particularly at current levels. Our $34 target price is based on the shares attaining a P/E level of 22x our FY2012 EPS estimate of $1.55." Shares of TTEK closed Wednesday at $23.58, down 0.84% from Tuesday's close.