Shares of Jacobs Engineering Group rose 4 percent Wednesday after a JPMorgan analyst upgraded the company on the prediction that it will be among the first construction companies to rebound from the sector’s current slowdown.

Analyst Scott Levine changed his rating on Pasadena-based Jacobs to “overweight” from “neutral.” He set a nine-month price target of $51 per share, up from his previous target of $44.

Levine also raised his earnings forecasts for 2010 and 2011.

Jacobs focuses on large scale construction projects such as oil refineries, industrial plants and military installations. Among the 22 analysts who follow Jacobs, 11 now give it “buy” or “overweight” recommendations, nine rate it as “neutral” and two advise investors to sell it.

In trading on the New York Stock Exchange, shares of Jacobs Engineering gained $1.73 or 4 percent Wednesday to close at $45.97.