Primoris price target raised to $129 from $119 at KeyBanc

KeyBanc raised the firm’s price target on Primoris (PRIM) to $129 from $119 and keeps an Overweight rating on the shares to reflect a higher multiple, aligned with the long tail of growth prospects in several of the company’s segments – especially gas generation, renewable, and power delivery. The firm notes that last week, it hosted Primoris’ CFO Ken Dodgen, COO Jeremy Kinch, and VPIR Blake Holcomb for a day of meetings. The discussions focused on the durability of the growth trends in Power Delivery, Renewables, and Natural Gas Generation; paths to further margin improvements; M&A appetite; and the search for a new CEO.