MYR Group upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc upgraded MYR Group (MYRG) to Overweight from Sector Weight with a $136 price target after meeting with management. The firm recommends investors take advantage of the shares trading 2.5-times below their three-year average multiple just as the company is “showing an upward ramp” in revenue and margin growth profile following execution challenges on select projects in 2024. The recent de-rating on tariff, macro, and inflationary concerns is a buying opportunity as MYR emerges from a year of execution challenges into a year of high-single-digit growth in the core part of both its segments, the analyst tells investors in a research note.