This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.
"Granite Construction (NYSE: GVA) is a play on President-elect Barack Obama's plans to plow vast amounts of money into infrastructure," notes contrarian Todd Salomone.
In Schaeffer's Investment Research, the analyst explains, "Granite Construction -- my top pick for 2009 -- provides civil construction services, including projects designed to improve streets, roads, highways and bridges."
"Investing in infrastructure is one of Obama's solutions to address a deteriorating economy. There is $64 billion in 'ready-to-go' projects, of which GVA should be a beneficiary.
"The shares Granite Construction have performed admirably in 2008 amid an extremely weak broad market. For example, through mid-December, GVA shares were up 24% as the broader S&P 500 Index was down 38%.
"In November 2008, the equity climbed above the 40 area, which has capped the shares' rally attempts during the previous 12 months. For chart watchers, a concern would be the 48 area, which would mark a 50% retracement of the August 2007 high and the October 2008 low. Such retracement areas can sometimes act as technical resistance for a stock.
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