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Investing.com - Stifel raised its price target on MYR Group (NASDAQ:MYRG) to $210.00 from $204.00 on Monday, while maintaining a Buy rating following the company’s second-quarter results. The company, currently trading at a market capitalization of $2.9 billion, is fairly valued according to InvestingPro Fair Value metrics, with analysts maintaining a strong buy consensus recommendation of 1.4.
The research firm noted that MYR Group’s second-quarter 2025 performance exceeded expectations, primarily due to strength in its Transmission & Distribution (T&D) segment. T&D revenue increased 11% year-over-year, with an estimated growth of over 25% when excluding solar headwinds.
T&D new awards rose 29% year-over-year, which does not yet include any awards from the recent $500 million-plus Master Service Agreement (MSA) with Xcel. This agreement is entirely incremental for MYR Group and is expected to begin generating revenue in early 2026, continuing through 2029.
The Xcel agreement implies an average annual revenue contribution of more than $125 million from 2026-2029, though Stifel expects a ramp-up period in 2026. MYR Group reiterated a high-single-digit growth outlook in both its T&D and Commercial & Industrial (C&I) segments for 2025, excluding solar for T&D.
In the C&I segment, new awards were softer than expected, declining 32% year-over-year despite booking a roughly $90 million data center project, according to Stifel’s analysis.
In other recent news, MYR Group Inc. reported impressive financial results for the second quarter of 2025. The company exceeded earnings expectations with an earnings per share (EPS) of $1.70, compared to the forecasted $1.52. Additionally, MYR Group surpassed revenue projections, posting $900 million against the anticipated $836.22 million. These results highlight a strong performance during the quarter. Despite the positive earnings and revenue figures, MYR Group’s stock experienced a decline of 2.86% during the regular trading session. However, in premarket trading, the stock showed a recovery with a 7.3% increase. This rebound indicates a potential shift in investor sentiment following the earnings announcement.
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