LGN: Raising Our Price Target From $106 To $115

研报英文原文证据摘录

LGN: Raising Our Price Target From $106 To $115

July 10, 2026

Joseph Osha, CFA joseph.osha@guggenheimpartners.com LGN: Raising Our Price Target From $106 To $115

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Michael Stratoti, CFA Key Message: We are raising our estimates and reiterating our Buy recommendation for

michael.stratoti@guggenheimpartners.com LGN. Our price target rises also, from $106 to $115.

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We are reiterating • Reiterating Buy recommendation, raising price target to $115.

our Buy recommendation for LGN, and raising our price target from $106 to $115 based

partially on upward revisions to our estimates and partially on slight increases to our

target valuation multiples. Our analysis, as well as our recent conversations with theLGN BUY company, suggests that LGN’s outlook for 2026 is conservative, especially when the Legence Corp.

company’s backlog coverage and typical book-and-ship revenue is taken into account. Sector: Industrial Technology

We also believe the consensus revenue estimates are too low for 2027 and 2028, as our

Price Target Change revised model indicates. Importantly, our research and checks suggest that the recently

cancelled Blackstone (BX) QTS Digital Gateway project in Virginia was not in LGN’s Share Price $73.97

backlog, or reflected in the company’s revenue outlook. This is not because we wouldn’t Price Target $115.00

have expected LGN to be involved in the project – QTS is a major customer – but rather Prior $106.00

simply because Digital Gateway was not far along enough to have generated order activity

for LGN. The broader potential shift away from the DMV market signaled by the Digital

Gateway episode is a challenge for LGN, and indeed for anyone operating in that very

Revenue ($M)

(FY DEC) 1Q 2Q 3Q 4Q FY large market.