Primoris initiated with a Neutral at Mizuho

Mizuho initiated coverage of Primoris with a Neutral rating and $112 price target The company is positioned to benefit from a grid and electrification “super-cycle,” with secular growth in data centers, grid modernization, and clean energy, the analyst tells investors in a research note. Mizuho’s total addressable market forecasts are above consensus, reflecting a more bullish view on utility and pipeline spending. The firm sees MasTec (MTZ) as the best positioned for cash conversion and pipeline margin, Quanta Services (PWR) as the scale leader with a premium valuation, and Primoris (PRIM) as operationally disciplined but lacking near-term share catalysts.