Tetra Tech Wins $49M USACE Contract; Street Remains Bullish
Tetra Tech, a consulting and engineering services provider, has received an environmental services contract worth $49 million from the U.S. Army Corps of Engineers (USACE).
Under the five-year contract, Tetra Tech (TTEK) will provide environmental services, which includes protecting and restoring the natural environment and supporting facilities throughout the U.S. By using its high-end technology and analytical capabilities, Tetra Tech will address issues like emerging contaminants, including per- and polyfluoroalkyl substances (PFAS).
The company’s CEO Dan Batrack said, “USACE has been a valued client for more than 40 years.” He added, “We look forward to continuing to use our Leading with Science approach to support USACE’s environmental management initiatives.” (See Tetra Tech stock analysis on TipRanks)
On Feb. 1, Roth Capital analyst Gerry Sweeney raised the stock’s price target to $135 (3.4% downside potential) from $98 and maintained a Buy rating. The analyst believes that despite valuation concerns, he is positive on the company’s visibility, solid balance sheet and strong execution.
Overall, the Street has a Strong Buy consensus rating on the stock based on 4 Buys and 1 Hold. The average analyst price target of $152.60 implies upside potential of about 9.2% to current levels. Shares have gained 95.8% in one year.
On TipRanks’ Smart Score ranking, Tetra Tech gets a 9 out of 10, suggesting that the stock is likely to outperform market expectations.
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