Analyst Maintains Buy on Primoris Services as Project-Specific Issues Create Opportunity, Keeps $205 Price Target Unchanged

Needham analyst Sean Milligan has maintained their bullish stance on PRIM stock, giving a Buy rating on May 4.

Sean Milligan has given his Buy rating due to a combination of factors tied to both near-term disruption and longer-term strength. While Primoris Services’ first-quarter results and 2026 guidance were sharply below expectations, he views the weakness as largely stemming from cost issues on a limited set of renewable projects rather than a broad deterioration across the business.

Milligan points out that the company’s core gas power, pipeline services, and electrical contracting operations continue to benefit from solid underlying demand, and that the PayneCrest acquisition should still add meaningful earnings power once integrated. With the stock selling off hard from recent highs on what he interprets as mostly project-specific setbacks, he sees the pullback as an opportunity for investors, assuming management’s upcoming commentary reinforces his thesis.

In another report released on May 4, UBS also maintained a Buy rating on the stock with a $212.00 price target.