Goldman Sachs expects Nvidia ’beat and raise,’ lifts price target to $240
Investing.com - Mizuho has raised its price target on Primoris Services Corporation (NYSE:PRIM) to $129.00 from $112.00, representing a 15% increase, while maintaining a Neutral rating on the stock. The company, currently valued at $7.66 billion, is trading near its 52-week high of $142.84, having delivered an impressive 116% return over the past year.
The price target adjustment comes after Mizuho analyst meetings with Primoris management at the RE+ conference and in September, during which the company expressed confidence in its organic growth prospects, particularly in battery storage and gas generation segments. This confidence appears well-founded, as InvestingPro data shows revenue growth of 15.08% in the last twelve months, with the company maintaining a "GREAT" overall financial health score.
Primoris recently secured a significant 600 MWh Desert Bloom storage contract from Recurrent Energy, a subsidiary of Canadian Solar (NASDAQ:CSIQ), demonstrating momentum in its energy storage business line.
The company was also mentioned as the EPC (Engineering, Procurement, and Construction) contractor for data center REIT Fermi, further diversifying its project portfolio across growth sectors.
Despite the higher price target, Mizuho maintained its Neutral rating on Primoris, citing "even risk/reward" and noting that strong growth and margin expansion expectations are already reflected in the stock’s current valuation.
In other recent news, Primoris Services Corporation has seen a flurry of analyst activity and leadership changes. Needham initiated coverage on Primoris with a Buy rating and set a price target of $175, emphasizing the company’s diversified growth portfolio, particularly in renewables, which are expected to constitute a significant portion of future revenue. Similarly, Roth/MKM also issued a Buy rating with a $170 target, citing Primoris’s potential to benefit from industry megatrends that could drive revenue growth and margin expansion. GLJ Research joined the positive outlook, initiating coverage with a Buy rating and a $160 target, focusing on the company’s strong position in the utility capital expenditure cycle.
In contrast, Mizuho initiated coverage with a Neutral rating and a $112 price target, acknowledging Primoris’s operational discipline and its success in achieving gross margin targets ahead of schedule. In leadership news, Primoris appointed Koti Vadlamudi as the new President and CEO, effective November 10, 2025. Vadlamudi, formerly with Jacobs, will also join the Board of Directors, succeeding David King, who remains as Chairman. These developments indicate a period of strategic positioning and leadership transition for Primoris.
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