MYR Group price target lowered to $119 from $172 at Stifel

Stifel lowered the firm’s price target on MYR Group to $119 from $172 and keeps a Buy rating on the shares. Q2 missed expectations primarily due to new challenges from solar projects in T&D as well as a new challenging project in C&I, notes the analyst. While the quarter was “disappointing and visibility into these challenged projects is low,” the firm contends that temporarily depressed margin performance has “often created long-term attractive entry points into specialty E&Cs in the past,” leading it to maintain a Buy rating on MYR shares.