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Investing.com - DA Davidson has reiterated its Buy rating on Primoris Services Corporation (NYSE:PRIM) with a price target of $85.00. The infrastructure services company, now valued at $5.57 billion, has seen its stock surge nearly 95% over the past year, significantly outperforming the market.
The research firm noted that Primoris exceeded both top-line and bottom-line estimates in its latest financial results, with revenue growing 12.45% and achieving a net income of $206 million. According to InvestingPro, the company maintains strong financial health with a favorable PEG ratio of 0.58, suggesting attractive valuation relative to its growth rate.
DA Davidson highlighted that bookings in the company’s Utilities segment were particularly notable in the recent quarter.
The firm also mentioned that Primoris has raised its guidance, suggesting improved outlook for future performance.
Primoris Services scheduled a conference call for Tuesday at 10:00 AM ET to discuss these results further with investors and analysts.
In other recent news, Primoris Services Corporation reported impressive second-quarter earnings that surpassed analyst expectations. The company announced adjusted earnings of $1.68 per share, significantly beating the analyst estimate of $1.08. Revenue for the quarter reached $1.89 billion, exceeding the consensus estimate of $1.69 billion and marking a 20.9% increase compared to the same period last year. This strong performance was largely attributed to growth in Primoris Services’ Energy and Utilities segments. Additionally, the company raised its full-year guidance, positioning it well above consensus forecasts. These developments reflect the company’s robust operational execution and strategic focus. Investors will likely keep a close eye on how Primoris Services continues to capitalize on opportunities within its key segments. The recent earnings report underscores the company’s positive trajectory in the current fiscal year.
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