Primoris initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Primoris with an Overweight rating and $71 price target The outsourced utility services market is accelerating behind a long-term and structural demand uplift as an aging U.S. power grid prepares for the long-awaited return of systemic electricity consumption growth, with a growing mix of intermittent renewable assets powering the increased generation needs, the analyst tells investors in a research note. The firm favors the companies with exposure to larger-scale projects requiring integrated and complex solutions, predominately in the electric power delivery and renewable service lines. This thesis favors Primoris, contends JPMorgan.