Cardinal Infrastructure initiated with an Outperform at William Blair

William Blair initiated coverage of Cardinal Infrastructure (CDNL) with an Outperform rating. The company has posted an “exceptional” three-year 28% organic revenue growth rate by providing its turnkey residential site development services to three North Carolina markets, the analyst tells investors in a research note. The firm expects Cardinal to expand into other southeastern markets. It sees more than 20% upside to shares over the next year as Cardinal executes on its core strategy.