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    Tetra Tech upgraded to 'Outperform'

    Associated Press – Fri, Feb 3, 2012

    NEW YORK (AP) — Tetra Tech Inc., the consulting and technical services company, should enjoy higher profits than previously expected after a string of recent acquisitions and a shift in focus to more profitable markets, a Baird Equity Research analyst said Friday.

    Analyst Andrew Wittmann upgraded Tetra Tech shares to "Outperform" from "Neutral" and increased its price target to $30 from $26 per share. Wittmann also increased his 2013 earnings forecast for the company to $1.94 from $1.86 per share.

    Wittmann said the Pasadena, Calif., company has cut its reliance on government projects from 50 percent to 30 percent of its overall backlog. In its place, Tetra Tech is finding more work in industrial and commercial businesses that are more profitable.

    Tetra Tech also has recently acquired companies that have strengthened its market share in businesses such as water-related engineering. That added expertise will give it a stronger hand in contract negotiations for oil production projects in North America, Wittmann said.

    A call to Tetra Tech before business hours for comment was not immediately returned.

    Its shares rose 70 cents, or 3 percent, to $24.12 in premarket trading Friday. They are approaching their 52-week high of $25.49 set in April, and are up 39 percent from their early October low of $17.31.

     

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