KeyBanc Reiterates a 'Buy' on Primoris Services (PRIM); Adjusting Estimates After Mgmt Meeting

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KeyBanc reiterates a 'Buy' on Primoris Services Corporation (NASDAQ: PRIM) price target of $19.00 (from $20.50).

Analyst, Tahira Afzal, said, "While the longer-term outlook for PRIM remains largely intact and we remain positive on the name at current trading levels, we are trimming our 2012 EPS estimate to reflect more pronounced 2Q12 seasonality vs. our original estimate, and we are trimming our 2013 EPS estimate to bake in more cautious visibility on replacement JV work (civil infrastructure/downstream)...We are reducing our 2012/2013 EPS estimates to $1.07/$1.25 from $1.10/$1.28 - our estimates compare to consensus of $1.08 for 2012, and $1.31 for 2013."

For an analyst ratings summary and ratings history on Primoris Services Corporation click here. For more ratings news on Primoris Services Corporation click here.

Shares of Primoris Services Corporation closed at $11.96 yesterday, with a 52 week range of $9.49-$17.10.

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