Granite Construction: Good Long-Term Growth Prospects At Attractive Valuation

GS Analytics
3.23K Followers

Summary

  • Granite Construction's stock price has increased by 18% since my previous article in May, despite a slight correction post-Q2 earnings.
  • The company's revenue growth is expected to benefit from a healthy backlog of projects and infrastructure investment initiatives.
  • The stock is attractively valued and has good long-term growth prospects, leading to a buy rating.
Engineer supervising the construction

1715d1db_3/iStock via Getty Images

Investment Thesis

Granite Construction’s (NYSE:GVA) stock price has increased ~18% following my previous bullish article in May. The stock price saw a slight correction after the Q2 2023 earnings release due to a revenue miss and downward revision of

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Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

This article is written by Saloni V.

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