Thermon Group initiated with a Buy at Roth MKM

Roth MKM analyst Chip Moore initiated coverage of Thermon Group with a Buy rating and $36 price target. The firm, which favors the company’s exposure to the energy transition theme, believes a recent pullback presents an attractive entry point into Thermon, which offers key solutions tied to decarbonization and electrification. Given a growing base of higher margin annuity-like sales, the firm expects multiple expansion as management executes on the core strategy, the analyst added.