One of the best performers on the local share market today has been the Cimic Group Ltd (ASX: CIM) share price.
At the time of writing the engineering company's shares are up a massive 7% to $41.58.
Why have its shares jumped?
As well as receiving a lift from yesterday's strong first-half profit result, CIMIC's shares were given a boost this morning following the release of broker notes out of Deutsche Bank and Macquarie.
According to the note out of Deutsche, its analysts have upgraded its shares from a sell rating to a hold.
Analysts at Macquarie are a touch more bullish on the company's prospects. They have reiterated their outperform rating and placed a $42.10 price target on its shares.
While the profit result fell a little short of Macquarie's expectations due to higher-than-expected depreciation, it was pleased with strong cash flow it produced during the half.
Furthermore, its analysts appear to be positive on the sizeable opportunities in the local infrastructure market.
Should you invest?
Whilst I'm not a fan of the company due to its chequered past, I'll happily acknowledge that I've been impressed with its performance so far this year.
Yesterday the company reiterated its full-year net profit guidance of between $640 million to $700 million, which will be a 10% to 21% improvement on the previous year.
Considering the number of new contracts it has won and the opportunities in the local infrastructure market, I wouldn't be at all surprised to see it hit the high end of its guidance.
This could arguably make it the best option in the industry, ahead of rivals Downer EDI Limited (ASX: DOW), Monadelphous Group Limited (ASX: MND) and Worleyparsons Limited (ASX: WOR).
