Centuri initiated with a Buy at Siebert Williams

Siebert Williams analyst Christopher Ellinghaus initiated coverage of Centuri with a Buy rating and $32 price target. Comparable valuations are “somewhat disparate” and all the broad construction services group companies have some unique characteristics, but the firm believes Centuri “falls about in the middle of the pack on multiple comparable industry measures” and argues that current share valuation does not reflect fair value given what it sees as “some significant premium characteristics that often sets it above the peer group.”