Jacobs Solutions (J) is "well-positioned" heading into its new fiscal year with positive trends worldwide despite concerns of disruptions to its US business following the recent government shutdown and policy uncertainties, RBC said in a note e-mailed Friday.

The company's backlog has grown to a record $23.1 billion, up 5.6% year-on-year, according to the brokerage.

Jacobs Solutions' management recently described a "supportive" backdrop in the US, as well as growth potential in the Middle East, driven by contracts for the World Expo and World Cup, with projects in Europe, Australia, and New Zealand also "trending favorably," RBC said.

Despite tax challenges and integration costs associated with the company's acquisition of PA, Jacobs Solutions remains on track to achieve its 2029 target of 10% growth, according to the note.

RBC lowered its price target on the Jacobs Solutions stock to $156 from $157, while maintaining its outperform rating.