Centuri initiated with a Neutral at JPMorgan

JPMorgan initiated coverage of Centuri with a Neutral rating and $28 price target. As one of the leading providers of utility infrastructure services in North America, Centuri is well positioned to benefit from upgrades of the grid required to replace aging gas and electric assets and incorporate an increasing mix of electricity generation from intermittent renewables, the analyst tells investors in a research note. However, the firm believes the stock is fairly valued relative to its public peers and awaits more tangible visibility into upside factors before potentially becoming more constructive.