Stifel lowered the firm’s price target on Emcor (EME) to $713 from $718 and keeps a Buy rating on the shares. The firm notes Q3 results were slightly above expectations and 2025 guidance was raised. But U.S. Electrical operating margins fell 280 bps year-over-year to 11.3%. This was driven by amortization from Miller, a $13M reversal of previously recorded earnings due to challenges on two projects, and recording these challenged projects at a lower level of profitability until completion. Excluding these headwinds, U.S. Electrical margins were 14%-plus, which creates potential for improved performance in subsequent quarters, Stifel adds.
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