Stifel resumed coverage of MYR Group with a Buy rating and $144 price target. The firm is positive on the longer-term outlooks for T&D and renewables installations, key end markets for MYR, and expects a healthy backdrop of growth for cost-competitive renewables driven by significant fiscal stimulus from the IRA, the analyst tells investors in a research note. Stifel also believes recently improved free cash flow conversion and strong ROIC help support the valuation multiple.
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