PRIM: Where To From Here?

Research evidence excerpt

PRIM: Where To From Here?

June 9, 2026

Joseph Osha, CFA joseph.osha@guggenheimpartners.com PRIM: Where To From Here?

415 852 6468

Michael Stratoti, CFA Key Message: We still see value in PRIM's stock at this point, and reiterate our $162

michael.stratoti@guggenheimpartners.com price target and Buy rating based on our assessment of the long-term potential in PRIM's

212 518 9308 business portfolio. For the intermediate term, we believe that PRIM's board and executive

leadership face a substantial challenge in repairing investor confidence.

News yesterday that • Another shoe drops, but we still see value in the stock.

Primoris has terminated Anthony Vorderbruggen, the company’s head of renewable PRIM BUY energy, raises questions regarding PRIM’s ongoing efforts to contain problems in the Primoris Services Corporation

renewable energy business. We caught up with PRIM earlier today, and came away Sector: Industrial Technology

from our conversation feeling that new problems aren’t necessarily implied by the

Company Update management change, but also that the company may not have fully scoped the ongoing

challenges with the six solar projects that it had previously highlighted. In particular, we Share Price $103.90

note PRIM’s observation that risks and challenges associated with the aforementioned Price Target $162.00

projects continue to be assessed—it’s difficult for us to gauge whether that constitutes

an endorsement of the company’s existing guidance or not. For our own part, following

on our previous conversation with CEO Koti Vadlamudi, we believe that our estimates Revenue ($B)

(FY DEC) 1Q 2Q 3Q 4Q FY have been sufficiently de-risked, and we’re not making any changes at this point. We