JPMorgan Upgrades Primoris Services to Overweight

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Summary · why it matters

JPMorgan upgraded Primoris Services Corporation to Overweight from Neutral with a price target of $116, up from $105. Analyst Mark Strouse noted the shares trade at a significant discount to peers while the non-renewables parts of the business continue to perform well. The firm urged investors to view Primoris through a sum-of-the-parts perspective, seeing valuation upside even if one assumes additional cost overruns in the renewables segment, which JPMorgan said is unlikely. Separately, Fermi announced a major agreement with Primoris Energy Services, part of Primoris, to engineer and construct the balance of plant for the first six SGT-800 gas turbines anchoring Fermi's phase one power buildout in Amarillo, Texas. Cantor Fitzgerald had earlier lowered its price target on Primoris to $100 from $124 while maintaining a Neutral rating, calling the stock a prove-it story until execution is fully demonstrated.

Impact on assets 3

Energy Transition & Power Demand▲ · 1 stocks
Primoris Services Corporation
PRIM
▲ PositiveCapitalrelevance

JPMorgan upgraded Primoris to Overweight with a higher price target, citing discount to peers and sum-of-the-parts valuation.

Artificial Intelligence▲ · 1 stocks
Fermi Inc.
FRMI
▲ PositiveDemandrelevance

Fermi announced a major agreement with Primoris Energy Services for gas turbine buildout.

Digital Finance & Tokenization▲ · 1 stocks

Off-coverage companies 1

Cantor FitzgeraldPrivate± Mixed
relevance

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