Aecom price target raised to $115 from $99 at KeyBanc

KeyBanc raised the firm’s price target on Aecom to $115 from $99 and keeps an Overweight rating on the shares after hosting senior management for investor meetings last week. The discussions focused on long-term framework of 5%-8% revenue growth, components of margin expansion, growth in the Americas vs. Internationally, impact of elections, and the recent high profile hire of Jill Hudkins to lead an advisory business focused on complex water and environmental management challenges. The firm expects Aecom’s valuation multiple to expand as it continues to execute on the revamped growth and capital allocation strategy.