Morning Summary - May 22 2026

Research evidence excerpt

Morning Summary - May 22 2026

MORNING SUMMARY

May 22, 2026

RATING CHANGES

AMERESCO, INC. Neutral

AMRC: Model Update And Resuming Coverage With A Neutral Rating

Joseph Osha, CFA AMRC $30.22 PriceNA Target415 852 6468, joseph.osha@guggenheimpartners.com

CLICK HERE TO ACCESS THIS REPORT Current Q Next Q Current FY Next FY

Published on May 22, 2026 $465.8 $602.7 $2,127.1 $2,327.9

Market Cap (M) Metric Mult Curr Yr. Mult Next Yr.

$1,600 Rev($)M - -

Key Message: We are resuming coverage of AMRC following our brief suspension due to banking activity. We are also updating our model following the

company's earlier quarterly release. We remain Neutral rated.

PRICE TARGET CHANGES

SHOALS TECHNOLOGIES GROUP, INC. Buy

SHLS: Model Update, Increasing Price Target From $11 To $12

Joseph Osha, CFA SHLS $9.55 Price$12.00Target415 852 6468, joseph.osha@guggenheimpartners.com

Published on May 22, 2026 $164.4 $173.1 $638.4 $727.9

$1,602 Rev($)M - -

Key Message: We update our financial model to reflect SHLS' earlier Q1 2026 earnings announcement - our initial comment is available here. Some slight

adjustments to our model and valuation analysis lead to a $1 increase in our price target, from $11 to $12. Our Buy rating stands.

LEGENCE CORP. Buy

LGN: Model Update & Price Target Increase To $106

Joseph Osha, CFA LGN $81.95 Price$106.00Target415 852 6468, joseph.osha@guggenheimpartners.com

Published on May 22, 2026 $1,096.8 $1,118.1 $4,329.0 $4,820.0

$8,854 Rev($)M - -

Key Message: We are updating our model following LGN's earlier 1Q26 release. We reiterate our Buy rating and are increasing our price target to $106

from $74. We believe that an EBITDA multiple of 25x, up from our prior 21x, based on our revised outlook, is more reasonable in our view. Applying that