Canopy Growth stock tumbles after announcing $200 million share sale plan
On Wednesday, KeyBanc Capital Markets adjusted its price target on Primoris Services Corporation (NYSE:PRIM) stock, reducing it to $90 from the previous $96. Despite the decrease, the firm maintained an Overweight rating on the shares. The adjustment follows Primoris Services Corporation’s recent financial disclosures. According to InvestingPro data, PRIM currently trades at $70.51, with analyst targets ranging from $78 to $102, suggesting potential upside. The stock appears fairly valued based on InvestingPro’s proprietary Fair Value model.
Primoris Services Corporation reported fourth-quarter earnings and full-year results for 2024 that exceeded analyst expectations. The company achieved impressive revenue growth of 11.4% in the last twelve months, with EBITDA reaching $415.42 million. The company also provided guidance for its 2025 EBITDA, which aligns with KeyBanc’s forecasts. The lowered price target from KeyBanc reflects a reduction in the applied multiple rather than a change in the company’s fundamental outlook.
Sangita Jain of KeyBanc commented on the company’s prospects, noting that Primoris Services Corporation is poised for continued growth in the coming year. Jain highlighted the company’s strong position due to favorable growth trends in sectors such as renewables, power delivery, and communications. Additionally, Jain expects margins to improve, reinforcing the positive outlook for 2025.
Primoris Services Corporation’s performance in the fourth quarter and the full year of 2024 has been a testament to the company’s robust operational capabilities and strategic positioning in key growth markets. The guidance provided for 2025 EBITDA suggests that the company is on track to meet its financial targets.
Investors and market watchers will be keeping an eye on Primoris Services Corporation as it continues to navigate the market, capitalizing on the growth trends identified by KeyBanc. The company’s ability to maintain momentum and achieve higher margins will be crucial for its performance in the 2025 fiscal year. With a strong 74.75% return over the past year and an impressive financial health score, PRIM shows promising potential. For deeper insights into PRIM’s valuation and growth prospects, including exclusive ProTips and comprehensive analysis, visit InvestingPro, where you’ll find detailed research reports and expert commentary.
In other recent news, Primoris Services Corporation reported a robust financial performance for the fourth quarter of 2024. The company achieved an adjusted earnings per share (EPS) of $1.13, significantly surpassing the forecast of $0.75. Revenue also saw a notable increase, rising by 15% year-over-year to reach $1.7 billion, outperforming expectations. The company’s strong cash flow was highlighted with a record operating cash flow of $508 million. Additionally, Primoris Services Corporation reduced its debt by $168.9 million, improving its financial stability. DA Davidson maintained a Buy rating for the company with an $85.00 price target, citing the impressive cash flow and profit margins as key factors. The total backlog of projects expanded by 9% to $11.9 billion, indicating strong future demand. The Utilities segment experienced a 15% year-over-year revenue increase, while the Energy segment saw a 16% rise, although with a slight decline in gross margins.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.