The Pasadena, CA-based technical professional services company provides a range of technical, professional and construction services to industrial, commercial and governmental clients.
The new price target comes after the company reported mixed 2016 first quarter earnings results yesterday.
Jacobs reported adjusted earnings of 78 cents per share, topping analysts' estimates of 69 cents per share. Revenue for the quarter was $2.8 billion, lower than analysts' expectations of $2.93 billion.
While the firm trimmed its price target and estimates to account for a weaker oil and gas macroeconomic outlook, it continues to view the company's end market exposure and strategic drivers as relatively defensive.
"As such, we continue to expect JEC to outperform select peers progressively through 2016, as further proactive restructuring and growth initiatives offset energy headwinds and as higher margin, non-energy markets start to benefit backlog and EPS more visibly into F2H16," Keybanc said in an analyst note.
Shares of Jacobs closed up by 0.13% to $37.40 on heavy trading volume on Thursday.
About 1.57 million of the company's shares were traded by this afternoon, compared to its average volume of 1.09 million shares per day.
Separately, TheStreet Ratings Team has a "hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that were evaluated.
At the same time, the team also finds weaknesses including poor profit margins, weak operating cash flow and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: JECJEC data by YCharts