Emcor initiated with an Outperform at Baird

Baird initiated coverage of Emcor (EME) with an Outperform rating and $560 price target The firm likes Emcor’s portfolio of mechanical and electrical skilled labor services, which service a variety of end markets that are “collectively experiencing significant investment.” The company’s history of execution, talent investment, and capital deployment “have created a durable platform,” the analyst tells investors in a research note. Baird believes Emcor’s asset light business model supports consistent free cash flow generation with a “rock-solid balance sheet offering flexibility and lower-risk.”