J.P. Morgan Cuts URS Co. Price Target, Maintains Overweight Rating (URS)

J.P. Morgan cut its price target to on shares of URS Corporation URS to $51.50 from $57.50 today, in light of a "challenging economic environment." J.P. Morgan maintains an Overweight rating on the stock. J.P. Morgan notes that it lowered its "2011E EPS to temper our revenue growth outlook (the Q2 backlog decline warrants a more modest assumption, in our view), though we’re offsetting this in part with higher margins, which remain healthy." Analysts at J.P. Morgan explain that the earnings forecast cut is "representing a slight discount to its historical average multiple, in order to account for the challenging economic environment and government budget concerns." URS Corporation is a provider of engineering, construction and technical services. Shares are higher by 0.2% today, to $37.30.