Jacobs Solutions falls after Raymond James lowers rating

Jacobs Solutions

22/11/2023 16:34

** Shares of engineering consulting firm Jacobs Solutions
 J.N  fall 1.04% to $123.79
    ** Raymond James downgrades co to "market-perform" from
"outperform", citing execution risk and extended payoffs as
factors outweighing its core business strength 
    ** "Increased execution risk with the Reverse Morris Trust
spin of its CMS/C&I segment and a longer road to create
shareholder value for existing shareholders leads to a
range-bound stock over the next several quarters," Raymond James
analysts said in a note
    ** Separately, brokerages RBC and Bernstein cut PT on stock
to $151 from $157 and to $176 from $205, respectively 
    ** Co on Tuesday said it expects FY24 profit of $7.70 to
$8.20 per share, below analysts' estimates of $8.40 per share -
LSEG
    ** Thirteen of 16 brokerages rate the stock "buy" or higher,
and remaining "hold"; their median PT is $150.50 
    ** YTD, Jacobs up 3.04% 

 (Reporting by Abhinav Parmar)
 ((Abhinav.parmar@thomsonreuters.com))