Jacobs Engineering (NYSE:JEC) Remains Cautious Going Forward

Jacobs Engineering (NYSE:JEC) continues to be cautious, as evidenced on their conference call, even though there were a little more positive than last quarter.

FBR says, "The overall tone of the conference call was more upbeat than in the prior quarter, but management did remain somewhat cautious in terms of the timing of front-end projects moving into the construction phase. The market is recovering, albeit at a slow pace. As we expected a few weeks ago, adjusted new awards were solid, and management raised guidance for FY 2011 to account for the Akers acquisition, which should close over the next few weeks...Leaving FY 2011 and FY 2012 unchanged, modestly raising CY 2011. Our FY 2011 and FY 2012 EPS estimates remain unchanged at $2.60 and $2.95. We are raising our CY 2011 estimate to $2.70 (from $2.62)."

FBR Capital maintains an "Outperform" rating on Jacobs Engineering (JEC), which closed Tuesday at $49.49, down $0.83, or 1.65 percent. FBR has a price target of $58 on Jacobs.