Wedbush Reports on Primoris Services (PRIM)

Wedbush was mixed in a report on Primoris Services PRIM released today. Wedbush comments, “We are reaffirming our cautious stance on shares of Primoris Services ahead of the company's Q1 earnings release. With the Ruby Project (Ruby) likely progressing as planned and the recent rise in commodity prices, namely of crude oil, we believe the strength in the energy end market vertical could provide some potential upside to Q1 results relative to our estimates and consensus. However, given the evolving revenue mix, which has impacted margins, limited visibility on timing of additional projects beyond the Ruby project within the Rockford Corporation business unit, and concerns about the project pipeline visibility due to challenged state/local budgets and project funding by its commercial customers, we are maintaining our Neutral stance on shares of Primoris and would look for a more attractive entry point into shares given its risk-reward profile at current valuations.” Webush has a rating of Neutral on the stock and a price target of $10. Shares of Primoris closed at $10.80 on Friday.