KeyBanc analyst Sangita Jain lowered the firm's price target on Jacobs to $150 from $154 and keeps an Overweight rating on the shares. The firm notes the company reported stronger than expected revenue, but operating margin came in lower on resolution of a legacy JV matter. That said, Jacobs raised full year guidance on NSR and EBITDA margin to incorporate PA. Momentum appears strong in DC work, life sciences is expected to pick up pace later in the year, and CI growth was also robust, adds KeyBanc. The firm thinks the update to the outlook and investor day targets should be perceived positively, but noisy financials may take away some.
