Everus initiated with a Buy at Stifel

Stifel initiated coverage of Everus (ECG) with a Buy rating and $71 price target as part of a broader note initiating coverage of electrical & mechanical and engineering & construction companies. Stifel likes the outsized “inside” electrical exposure, which the firm expects to see tailwinds from growth in data center construction, and notes that new awards and backlog trends have been particularly strong so far this year, mainly due to a repositioning of the E&M segment toward data center work, the analyst tells investors in a research note. Given this strong pace of new awards, the firm sees a path to upside to expectations, particularly in the first half of 2025.