EMCOR Group (EME) PT Raised to $430 at DA Davidson

DA Davidson analyst Brent Thielman raised the price target on EMCOR Group (NYSE: EME) to $430.00 (from $410.00) while maintaining a Buy rating.

The analyst comments "We are increasing our estimates for 2024/2025 post-2Q results and revised guidance. Our PT is now $430 (prev. $410) or 14x/13x our 2024/2025 EBITDA estimates (or 22x/19x 2024/2025 EPS incl. net cash of $17/sh). These reflect somewhat lower multiples than previously applied, given variation in RPOs in 2Q (it's presumptuous to suggest one quarter is indicative of broader end market/customer trends, but still should be acknowledged). On the other hand if EME is capable of sustaining profit margin expansion seen over the last several quarters into 2025, there remains a significant upside case to even our recently revised estimates."

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