MYR Group initiated with a Buy at Clear Street

Clear Street initiated coverage of MYR Group (MYRG) with a Buy rating and $295 price target The stock represents a pure play on electrical Transmission & Distribution construction to improve the U.S. power grid and meet increased commercial electricity demand, the analyst tells investors in a research note. Despite the stock being up 47% year-to-date and recently at an all-time high, similar to several public peers reaching all-time highs the past month, the firm sees additional upside potential of 35%, adding that the stock’s continued re-rating can be triggered by EBITDA margin expansion from better equipment fleet utilization and SG&A expense leverage from more T&D projects.