Aecom price target raised to $131 from $129 at KeyBanc

KeyBanc analyst Sangita Jain raised the firm’s price target on Aecom (ACM) to $131 from $129 and keeps an Overweight rating on the shares. The firm notes the company reported better than expected Q3 results driven by strong margins, especially in Americas. There is more room for margin expansion from what can be seen, as Aecom runs ahead of long-term targets. KeyBanc thinks a combination of a globally diversified portfolio and the consistent move up in margins via business development investments and portfolio high grading should allow the cash generation/stock buyback story to continue.