William L. Moore
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Jacobs Engineering Downgraded At UBS, Says Co. Executing Well

UBS cut Jacobs Engineering Group Inc to Neutral from Buy on valuation, organic growth restrained by lack of customer confidence and near-term uncertainty on an arbitration case.

That said, the brokerage acknowledged the company's execution in its turnaround phase that resulted in margin improvement despite weak revenue environment.

"The market multiple has expanded, and we think JEC's improving cash flow, solid execution, and cost cutting warrant a premium valuation, but we think further upside could be more limited going forward," analyst Steven Fisher wrote in a note.