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Friday, Aug 12, 2022
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Tetra Tech Shares Slip After Downgrade

Shares in Tetra Tech Inc. dropped nearly 6 percent Thursday after shares in the company were downgraded by the Stanford Group Co.


Analyst Francesca McCann downgraded the shares from a “buy” to a “hold” citing valuation.


“Tetra Tech remains one of our favorite companies in the water space and we are confident in the long-term growth prospects,” she wrote in a research report Thursday. “However, following the recent run we believe that [Tetra Tech] is fairly valued.”


The Pasadena-based water infrastructure and alternative energy systems designer has seen shares gain more than 50 percent so far this year after posting strong second quarter earnings in April and announcing a $30 million wind-power deal in May.


Shares were down 5.8 percent to $25.20 in early trading Thursday.

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