Morgan Joseph Reiterates a 'Buy' on Primoris Services (PRIM); Comments on Upcoming Q3 Earnings
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Morgan Joseph reiterates a 'Buy' rating on Primoris Services (Nasdaq: PRIM), price target $9.
Moragn analyst says, "Primoris is expected to report 3Q09 (September) results on Thursday, November 12th, before the market opens. We are looking for 3Q09 EPS of $0.14 vs. $0.32 last year and the Street consensus of $0.16. On the call, we will be looking for commentary on spending trends by key customers; the status of the Richmond refinery project; and whether the company is noticing any meaningful uptick in renewable energy project bidding...Given our view that Primoris is well-positioned to benefit from a spending cycle to upgrade and expand the domestic power base, which includes a meaningful build-out of renewable energy sources over the next few years, we believe that PRIM shares should trade at 13x our 2010 EPS estimate of $0.70."
To see more analyst ratings on PRIM Click Here.
Primoris Services Corporation, through its subsidiaries, provides construction and engineering services in the western United States, Latin America, and Canada.
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