Wedbush Ups PT On PRIM To $11

Wedbush is raising its price target on Primoris Services Corp. PRIM from $10 to $11 following the company's strong 1Q results. Says Wedbush, in its report, “Although we acknowledge that we could become more constructive on shares of Primoris on signs of sustained operating results along with a healthy backlog, we are maintaining our NEUTRAL rating at this time despite the better-than-expected Q1 results. While we are encouraged by signs of robust project activity coming from energy and infrastructure end markets, our cautious stance is predicated on the following: (i) limited visibility and traction in project activity from the Rockford Corporation beyond the Ruby Project, (ii) the potential impact of challenged government budgets on project funding, and (iii) strong competitive pressures in the contract bidding environment. “ Wedbush maintains a Neutral rating on the stock. PRIM closed at $11.40 yesterday.