MYR Group initiated with bullish view at Goldman Sachs, here’s why

Goldman Sachs analyst Ati Modak initiated coverage of MYR Group with a Buy rating and $164 price target, representing 12% upside from the current price. The analyst believes MYR provides a more direct means of gaining exposure to macro trends relative to peers, such as electrical transmission and distribution spending, growth in data centers and increased demand for solar generation stimulated by the Inflation Reduction Act. While capex commitments related to the IRA are yet to be quantified, there is a meaningful growth opportunity in solar generation, the analyst tells investors in a research note.