Shares of construction firm Tutor Perini rose 9 percent Friday morning following the announcement of second-quarter results and a favorable forecast from a securities analyst.

The Sylmar-based builder reported earnings of $32.7 million or 66 cents a share. While that was lower than last year’s second-quarter results of $38.9 million or 79 cents per share, it was well above the consensus forecast of analysts, who expected earnings equal to 49 cents a share.

In addition, the company announced it had a backlog of construction jobs totaling $4.3 billion.

After the results were announced, analyst Richard Rossi at Wunderlich Securities raised his 12-month price target to $32, up from $28 previously. He maintained a “buy” rating on the stock.

“Second-quarter earnings for Tutor Perini were well above expectations as strong margin performance combined with performance bonuses drove results,” Rossi wrote in a note to investors. “The order outlook appears very encouraging, and we believe Tutor is in front of a multi-year order upturn.”

On the New York Stock Exchange, shares of Tutor Perini rose $1.72 to $20.73 in mid-day trading.