Goldman starts Emcor at Sell, sees challenging cyclical backdrop

Goldman Sachs analyst Adam Bubes initiated coverage of Emcor (EME) with a Sell rating and $445 price target The firm has been impressed with the company’s productivity gains, margin expansion, and value added M&A track record. At the same time, the analyst sees a challenging cyclical backdrop in the medium term with EBIT margin leading indicators turning lower and a forecast for nearly flat private non-residential construction spending growth in 2025.