Centuri downgraded to Neutral from Buy at UBS

UBS downgraded Centuri to Neutral from Buy with a price target of $17, down from $30. The firm continues to believe the thematics support a positive outlook for Centuri, but is cautious on the near-term trajectory for earnings growth as the company manages through “several challenges.” The company has now missed its expectations three quarters in a row and is facing market challenges that may still present downside risk to earnings, including slower utility customer spending, cancelled project work and a leadership transition, the analyst tells investors in a research note. UBS thinks Centuri has more work to do to build investor confidence in the earnings and execution trajectory over the next few years.