DA Davidson downgraded Primoris Services Corporation PRIM from Buy to Neutral and raised the price target from $18.50 to $20.00.
DA Davidson said, "We are reducing our rating on the shares of Primoris to NEUTRAL from Buy to reflect the shares' substantial recent appreciation, up over 50% during the past six months, including 25% over the past month. … We continue to view the company as well positioned to leverage increased investment in gas pipeline construction across North America as well as industrial and civil projects along the Gulf Coast. Following slightly lower expected earnings in 2012, we look for these markets and the company's project execution to support higher earnings."
Primoris Services Corporation closed at $19.06 on Monday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in