Limbach Holding initiated with a Buy at Stifel

Stifel initiated coverage of Limbach Holding (LMB) with a Buy rating and $108 price target as part of a broader note initiating coverage of electrical & mechanical and engineering & construction companies. Stifel likes the strategic repositioning of the company to smaller project, higher margin, less cyclical, lower risk and primarily service-related owner direct relationship work and believes this repositioning and strong free cash flow conversion could support a top-tier multiple within the E&C space, the analyst tells investors in a research note. The firm expects organic growth to re-accelerate in 2025 after multiple years of flattish trends while this repositioning was in earlier innings.