Primoris initiated with a Neutral at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Primoris (PRIM) with a Neutral rating and $160 price target The Engineering & Construction sector is entering a multi-year investment cycle fueled by grid modernization, electrification, energy transition initiatives, and rising power demand from data centers and reshoring, while increasing utility capex is driving record backlogs, offering strong near-term revenue visibility and a durable long-term project pipeline, the analyst tells investors in a research note. Primoris offers solid execution and a substantial recurring utility MSA base, supporting steady earnings growth with additional valuation upside, Cantor says.