PRIM: Ring Fencing Renewables with 2027 Recovery In Waiting

研报英文原文证据摘录

PRIM: Ring Fencing Renewables with 2027 Recovery In Waiting

Power Technology

Primoris Services Corporation (PRIM)

EQUITY RESEARCH Company Update

June 24, 2026

PRIM: Ring Fencing Renewables with 2027 Recovery Price: $92.69

Price Target: $100.00 (From In Waiting

$124.00)

Rating: Neutral Takeaways

PRIM shares are up ~9% (S&P 500 flat) following the webcast today after Key Statistics:

Symbol NYSE: PRIM Monday's sharp reset, though we would characterize the move as relief

52-Week Range 65.00 - 205.50 rather than a full restoration of investor confidence. The webcast addressed

Market Cap 5,028.9 the key investor question: whether the Renewables issues extend beyond

ADV (3 mo) 1,856,480 the six previously identified projects. Management said the 3rd party

Shares Out (M) 54.3 consultant conducted a broader review of the Renewables portfolio and

that the findings continue to support the view that the challenges remain

Research Analysts: concentrated within the same six projects. Two projects have reached

Manish A. Somaiya substantial completion, one is expected to do so within the next few weeks, 212-915-1051

Manish.Somaiya@Cantor.com two are targeted for mid-September, and the final project remains on track

for year-end completion. While the containment message is constructive,

REV ($B) we believe the stock remains a prove-it story until those milestones are

FYE Dec 2025A 2026E 2027E achieved. We reiterate our Neutral rating and revise our PT to $100 from

1Q $1.6 $1.6A $1.8 $124 (see below and page 6). 2Q $1.9 $1.8E $1.9

Prev - $1.9E $2.1

3Q $2.2 $2.1E $2.3 Reflecting the deeper Renewables reset, we are lowering our FY26 and

Prev - $2.3E $2.4 FY27 estimates while leaving Utilities largely unchanged. The revisions are