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Powell initiated with a Buy at Roth MKM

Roth MKM last night initiated coverage of Powell (POWL) with a Buy rating and $312 price target The firm believes a higher than historical multiple is sustainable given Powell’s positioning for secular trends including electrification and grid expansion, data center build-out, infrastructure investment, and energy transition. The company’s recent order momentum has been broad-based, as Powell has sustained record backlog levels without the megaprojects that have driven recent results, the analyst tells investors in a research note. Roth anticipates continued growth and margin expansion moving forward.

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