PRIM: Another Setback, But We Continue To See Value

研报英文原文证据摘录

PRIM: Another Setback, But We Continue To See Value

June 23, 2026

Joseph Osha, CFA joseph.osha@guggenheimpartners.com PRIM: Another Setback, But We Continue To See

415 852 6468 Value

Michael Stratoti, CFA

michael.stratoti@guggenheimpartners.com

212 518 9308 Key Message: We reiterate our Buy rating and support for PRIM's stock following the

relatively predictable cut to numbers yesterday. The company's CEO and board have

made a series of significant mistakes in our view, but those mistakes do not reduce

the underlying value of PRIM's businesses, especially those outside of the troubled

renewable segment. Our price target continues to stand at $162. PRIM BUY

It is not a huge surprise to us that PRIM has Primoris Services Corporation • The other shoe drops – PRIM cuts again.

Sector: Industrial Technology chosen to cut its forecasts for 2026 again, given the very guarded commentary that we

received prior to publishing our previous note. The company continues to struggle with Company Update the six troubled solar projects that it had previously identified, and additionally mentioned

Share Price $108.34 other projects in the renewables segment that are being pushed out. We believe the

Price Target $162.00 stock’s valuation prior to today had reflected some skepticism already, and would expect

PRIM to quickly reverse much of the decline that the stock was showing aftermarket

yesterday. Additional information, including more details on the forecast, is likely coming

Revenue ($B) when PRIM presents at an investor conference on Wednesday. We would expect to

(FY DEC) 1Q 2Q 3Q 4Q FY hear from leadership at that point that this latest cut to guidance represents a solid,

2026 1.6 1.7E 2.0E 2.0E 7.2E conservative floor that investors can begin to rebuild confidence on.