- Tetra Tech (TTEK -1.5%) is downgraded to Neutral from Outperform with a $31 price target at Wedbush, which says the risk/reward is now less attractive after the stock hit its target price.
- The firm notes that when it upgraded the shares last July it believed end markets were stabilizing, aided by an improving municipal market; as its thesis has largely played out, it now believes the risk/reward tradeoff is about evenly weighted, and that municipal recovery and government spending provided for solid tailwinds but risk remains in oil and gas.