Analyst Upgrades Engineering, Construction Group

HARTFORD, Conn. (AP) — Rising oil prices and brighter prospects for construction work in China later this year and next will boost the engineering and construction sector, an analyst said Wednesday.

Goldman Sachs analyst Joe Ritchie upgraded the engineering and construction sector to "Neutral" from "Cautious" and also increased his ratings on Jacobs Engineering Group Inc. and Fluor Corp.

"We believe the group could rally over the next six months as the group tends to trade in sympathy with oil and we believe investors could rotate into energy and construction given that it has lagged other energy levered sectors year-to-date," he said in a note to investors. ...