Jefferies Raises PT To $62 On Jacobs Engineering, Positive About 2011 Recovery

Jefferies & Company has published a research report on Jacobs Engineering JEC and continues to expect the company's recovery throughout 2011 after bottoming out in 2010. In the report, Jefferies writes "Jacobs Engineering reported FQ1 EPS of $0.56 (excluding charges) vs. our estimate of $0.60 and consensus estimates of $0.59 per share. Backlog in Professional Services grew for a second consecutive quarter. Management tone more optimistic with some existing and newer markets improving. Raising target to $62; would add to positions. Jacobs reported FQ1 revenues of $2.36 billion, in-line with our estimate of $2.36 billion and consensus estimate of $2.38 billion but down 5% compared to year ago results. EPS results of $0.52, which included one-time charges of $0.04 ($5.5 million after tax charge) related to acquisition costs, compared to our estimate of $0.60 and consensus estimates of $0.59." Jefferies maintains its Buy rating and has raised the price target from $55 to $62. Jacobs Engineering closed yesterday at $49.49.