Jacobs (NYSE:J) reported its Q4 results yesterday, with EPS of $1.80 coming in better than the Street estimate of $1.78. Revenue was $3.9 billion, beating the Street estimate of $3.8 billion.

Analysts at RBC Capital believe the company remains well positioned over the medium term given the demand tailwinds across its segments. The analysts lowered their price target to $150 from $155 while reiterating their Outperform rating.

While Q4 results were largely in line with expectations, the share price reaction yesterday (down nearly 3%) appears to be driven by the fiscal 2023 outlook. The company expects 2023 EPS to be in the range of $7.20-$7.50, compared to the Street estimate of $7.66.