Primoris Services (PRIM) has received a new Buy rating, initiated by Needham analyst, .
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Needham & Company has given its Buy rating due to a combination of factors that highlight Primoris Services Corporation’s strong growth potential. The company is strategically positioned in several high-growth sectors, with renewables expected to contribute significantly to future revenues. This sector alone is anticipated to account for approximately 36% of the company’s revenue by 2025, showcasing its central role in Primoris’s business strategy.
Additionally, Primoris is poised to benefit from a multi-year uptrend in Power Delivery, which is projected to make up around 16% of their revenue. Emerging opportunities in data centers and gas power also present new avenues for growth. The company’s backlog and revenue mix are supported by increased visibility from government initiatives and rising demand for reliable energy capacity. These factors, combined with potential gains from new transmission projects and other strategic wins, are expected to drive earnings growth through both revenue increases and improved operational efficiency.
In another report released on October 20, KeyBanc also maintained a Buy rating on the stock with a $154.00 price target.
Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PRIM in relation to earlier this year.