Credit Suisse, Citi Cut Jacobs Engineering's Price Target Post Q1 Results

Credit Suisse analyst Jamie Cook lowered the price target on Jacobs Engineering Group Inc J to $161 (an upside of 25.6%) from $175 and maintained an Outperform rating on the shares.
The analyst notes that Jacobs stock closed down 3% after reporting a largely in-line quarter while maintaining the full year 2022 adjusted EBITDA and EPS guidance.
Looking ahead, the second quarter is expected to improve modestly from Q1 on a sales and EPS basis with a more back half-loaded year for revenue and EPS, Cook contends.
Related: Jacobs Engineering Q1 Sales Remain Flat, Misses Consensus; Reiterates FY22 Outlook
Citi analyst Andrew Kaplowitz lowered the price target on Jacobs to $163 from $170 and maintained a Buy rating on the shares post the fiscal Q1 results.
Despite some "near-term noise," demand trends across Jacobs' key end markets continue to improve, as reflected in its "solid backlog and attractive pipeline of opportunities," mentioned Kaplowitz.
Also Read: Jacobs Acquires Mobility Analytics Provider StreetLight Data For Undisclosed Sum
Price Action: J shares closed higher by 2.82% at $127.74 on Wednesday.