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Investing.com - KeyBanc raised its price target on Primoris Services Corporation (NYSE:PRIM) to $129.00 from $119.00 on Tuesday, while maintaining an Overweight rating on the stock. The infrastructure services company, currently valued at $6.4 billion, has seen its shares surge 110.99% over the past year and is trading near its 52-week high of $120.25.
The price target increase follows meetings KeyBanc analysts held last week with Primoris CFO Ken Dodgen, COO Jeremy Kinch, and VP-IR Blake Holcomb, according to the research note.
KeyBanc cited discussions that focused on growth trends in Power Delivery, Renewables, and Natural Gas Generation, as well as potential margin improvements, M&A appetite, and the ongoing search for a new CEO.
The higher price target reflects KeyBanc’s decision to apply a higher multiple to the stock, aligned with what it describes as "the long tail of growth prospects" in several of Primoris’s business segments.
The firm specifically highlighted gas generation, renewable, and power delivery segments as areas with particularly strong growth potential for the infrastructure services company.
In other recent news, Primoris Services Corporation reported strong financial results for the second quarter of 2025. The company achieved earnings per share of $1.68, which exceeded expectations by 55.56%. Additionally, Primoris’s revenue reached $1.9 billion, surpassing forecasts by 11.83%. Following these impressive results, Guggenheim raised its price target for Primoris Services to $130, maintaining a Buy rating. Similarly, KeyBanc increased its price target to $119, while keeping an Overweight rating on the stock. These revisions reflect the positive sentiment among analysts regarding the company’s performance. The strong earnings report also led Primoris to raise its 2025 targets. These developments highlight the company’s robust financial health and potential for future growth.
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