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Investing.com - KeyBanc downgraded MYR Group (NASDAQ:MYRG) from Overweight to Sector Weight on Wednesday as the electrical contractor’s shares approached the firm’s price target. The stock has shown remarkable momentum, gaining over 102% in the past year and currently trading near its 52-week high of $220.01. According to InvestingPro analysis, technical indicators suggest the stock is in overbought territory.
The investment bank maintained its existing price target for MYR Group , noting that the company’s shares are now considered fairly valued at current levels.
KeyBanc acknowledged that MYR Group has made significant progress in overcoming project execution challenges that affected the company approximately one year ago.
The firm specifically noted that MYR Group has successfully realigned its business back to its core growth and margin objectives since facing those difficulties.
Despite the rating downgrade, KeyBanc expressed a positive view of the company’s operational improvements, but determined that the current share price adequately reflects MYR Group’s business performance and outlook. Trading at a P/E ratio of 43.17x and according to InvestingPro’s Fair Value model, the stock appears overvalued at current levels. Discover 15+ additional exclusive insights and comprehensive valuation metrics with InvestingPro’s detailed research report.
In other recent news, MYR Group reported a strong performance for the second quarter of 2025, surpassing earnings expectations with an EPS of $1.70, compared to a forecast of $1.52. The company also exceeded revenue forecasts, posting $900 million against the expected $836.22 million. Stifel raised its price target for MYR Group to $210, maintaining a Buy rating, citing the company’s strength in its Transmission & Distribution segment, which saw an 11% year-over-year revenue increase. Jefferies initiated coverage of MYR Group with a Hold rating and a price target of $202. Additionally, MYR Group announced the appointment of Aurelie Richard to its Board of Directors. Richard, who is currently the Chief Financial and Strategy Officer at S&C Electric Company, will serve as a director and member of the Board’s Audit Committee. These developments reflect the company’s ongoing strategic initiatives and market position.
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