Emcor downgraded to Neutral from Buy at Northcoast

Northcoast downgraded Emcor (EME) to Neutral from Buy and removed the firm’s prior $500 price target on shares. There continues to be a positive backdrop and there is a persistent shortage of skilled labor, but the firm believes the valuation currently reflects the positive fundamentals in the business and views shares as fairly valued with the stock up 25% since the firm began recommending it with a Buy.