Matrix Service upgraded to Overweight from Equal Weight at Stephens Stephens upgraded Matrix Service based on a turnaround in refinery activity, higher-margin storm response work, management's execution on growth strategy. Price target raised to $18 from $12.
Matrix Service lowers FY16 EPS view to $1.30-$1.50 from $1.45-$1.75 FY16 consensus $1.59. Lowers FY16 revenue view to $1.3B-$1.4B from $1.4B-$1.6B, consensus $1.42B. Cites unexpected bankruptcy and the timing of revenue ramp up.