Legence initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Legence (LGN) with an Overweight rating and $40 price target Legence, a top-five U.S. Mechanical, Electrical, and Plumbing firm serving over 60% of the Nasdaq-100, is expected to benefit from strong secular growth, an expanding Maintenance & Service flywheel, and rising backlog, with additional momentum from near-term opportunities in high-growth sectors like data centers, technology, and life sciences, though fixed-price and labor risks remain, the analyst tells investors in a research note.