Legence initiated with a Buy at Stifel

Stifel analyst Brian Brophy initiated coverage of Legence (LGN) with a Buy rating and $36 price target The company is well positioned to benefit from growing data center demand, which accounted for 23% of its revenue in 2024, the analyst tells investors in a research note. The firm says Legence’s business mix is less cyclical than its other public peers given its “outsized” engineering, existing building, and maintenance and service exposure.