Tetra Tech price target raised to $41 from $34 at KeyBanc

KeyBanc raised the firm’s price target on Tetra Tech (TTEK) to $41 from $34 to reflect a reduced risk profile, and a cleaner growth and higher margin story going forward. The firm keeps an Overweight rating on the shares. KeyBanc notes the firm reported results above its estimates, 10 bps of EBITDA margin expansion year-over-year despite 30-50 bps impact from USAID cancelations and guided higher for FY25.