Everus Construction price target raised to $80 from $70 at Oppenheimer

Oppenheimer analyst Ian Zaffino raised the firm’s price target on Everus Construction (ECG) to $80 from $70 and keeps an Outperform rating on the shares. The firm believes Everus Construction remains well positioned to benefit from numerous megatrends, including grid hardening, data center construction, and onshoring. Its backlog is up 56% year-over-year as of Q3 2024, well ahead of the company’s long-term targets calling for revenue/EBITDA growth of 5%-7%/7%-9%, Oppenheimer adds.