Oppenheimer Acknowledges Weakness in Tetra Tech State

“We acknowledge weakness in the state & local market, but believe expectations have already adjusted accordingly,” Oppenheimer wrote today in a report on Tetra Tech Inc. TTEK. “Importantly, the company continues to deemphasize state & local, which is expected to represent only 10% of FY11 revenue vs. 15% in FY10, in favor of higher growth opportunities in energy & mining, where momentum continues, in our view,” Oppenheimer writes. Tetra Tech closed Thursday at $22.15.