Goldman Sachs downgraded MYR Group (MYRG) to Neutral from Buy with a higher price target of $168, up from $145, as part of a broader research note on Americas Energy Services. The firm continues to believe that both MYR and MasTec will benefit from strong utility spending but also warns that at the current price the stock is reflecting a high single digit revenue growth CAGR through 2030, which is in-line with its broader expectations of utility spending, the analyst tells investors in a research note. Goldman adds that it prefers to await incremental visibility around further estimate revision drivers.
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