Needham analyst Sean Milligan has maintained their bullish stance on PRIM stock, giving a Buy rating on October 20.
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Sean Milligan has given his Buy rating due to a combination of factors including Primoris Services’ strong financial performance in the third quarter. The company exceeded expectations in revenue, EBITDA, and EPS, primarily driven by robust performance in the Energy segment, which may have benefited from some early project completions.
Furthermore, while the management has slightly increased its outlook for fiscal year 2025, reflecting confidence in future growth, there is an implied cautiousness for the fourth quarter due to seasonal and timing effects. Despite some mixed signals in the backlog, with steady Utilities and a dip in Energy bookings, the overall solid backlog and potential for future bookings in renewables and gas power support the positive outlook. These elements collectively justify the Buy rating as they indicate a strong position for future growth and profitability.
According to TipRanks, Milligan is an analyst with an average return of -10.1% and a 56.00% success rate. Milligan covers the Technology sector, focusing on stocks such as First Solar, Shoals Technologies Group, and NEXTracker, Inc. Class A.
In another report released on October 20, KeyBanc also maintained a Buy rating on the stock with a $154.00 price target.