Primoris initiated with an Overweight at KeyBanc

KeyBanc initiated coverage of Primoris (PRIM) with an Overweight rating and $96 price target The company has potential for “outsized value creation” through its “dominant positioning” in utility scale solar, its growing power delivery business, and the benefits from industry uptrends in the communications segment through expanding fiber capex, the analyst tells investors in a research note. The firm says the shares trade at a discount to closest peers despite the 137% rally year-to-date.