MYR Group initiated with a Hold at Jefferies

Jefferies analyst Julien Dumoulin-Smith initiated coverage of MYR Group (MYRG) with a Hold rating and $202 price target MYR is a Smid-cap pure-play electrical engineer and construction company with a “conservative” balance sheet and financial flexibility, the analyst tells investors in a research note. The firm views the company’s data center exposure as “exciting” but says the shares already reflect a strong fundamental outlook. As such, Jefferies seeks a better entry point into the name.