Argus lowered the firm’s price target on Aecom to $102 from $112 but keeps a Buy rating on the shares. The firm believes that the growing demand for environmental, road and water projects will provide the company’s Design & Consulting service with a stable source of revenue, adding that its total backlog in the design business increased by 3% versus the prior year to $23.7 billion, setting a new record, the analyst tells investors in a research note. Argus is also raising its FY24 EPS view by 5c to $4.64 and its FY25 vie by 4c to $5.16.
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