Sterling Infrastructure price target raised to $889 from $572 at KeyBanc

KeyBanc raised the firm’s price target on Sterling Infrastructure (STRL) to $889 from $572 and keeps an Overweight rating on the shares. The firm notes the company reported very strong Q1 results with robust bookings that provide a solid line of sight into activity levels for the balance of the year. Margins continue to strengthen with Q1 margins up sequentially on better weather and strong execution on large projects. E-Infra soaks up the attention but Transport and balance sheet are also improving, KeyBanc adds. Free cash flow remains strong, and balance sheet is in net cash position, providing opportunities for further M&A in E-Infra or MEP as Sterling expands to more geographies.