Everus initiated with a Neutral at DA Davidson

DA Davidson analyst Brent Thielman initiated coverage of Everus (ECG) with a Neutral rating and $55 price target The firm is positive on the company’s exposure in data centers, semiconductor fabs and electrical T&D, with potential to expand the platform with greater capital allocation flexibility post MDU-spin lending inorganic growth potential, though it is also “hesitant” to put upper-tier industry multiples on the shares at this juncture, the analyst tells investors in a research note. There is also potential for volatility in shares of Everus post-spinoff associated with investor turnover, DA Davidson added.