Legence initiated with an Outperform at Wolfe Research

Wolfe Research initiated coverage of Legence (LGN) with an Outperform rating and $40 price target The company counts 60%-plus of the Nasdaq-100 companies as clients, and 50% of its revenue is from high-growth end markets, the analyst tells investors in a research note. Wolfe believes Legence’s recent demand data points are encouraging, including its Q2 backlog up 29% year-over-year to $2.8B.