Everus Construction initiated with an Outperform at Oppenheimer

Oppenheimer analyst Ian Zaffino initiated coverage of Everus Construction (ECG) with an Outperform rating and $70 price target The firm views Everus as “interesting investment opportunity” following the spinoff from MDU Resources. The company is “under-levered and no longer capital-starved,” so it can take full advantage of numerous tailwinds, including data centers, grid modernization, on-shoring and energy transition, the analyst tells investors in a research note. The firm believes the company can accelerate growth trough greater penetration in existing markets and more project work in higher-growth sub-markets.