Wolfe Research Starts Legence Corp (LGN) at Outperform

Wolfe Research analyst Steve Fleishman initiates coverage on Legence Corp (NASDAQ: LGN) with a Outperform rating and a price target of $40.00.

The analyst comments "Initiate O/P on LGN. We're initiating coverage on LGN, a scaled, vertically integrated MEP leader positioned to capture accelerating demand. LGN counts 60%+ of the Nasdaq-100 companies as clients, and 50%+ of revenue is from high-growth end markets (data centers & technology, life sciences, and healthcare). Recent demand data points are encouraging including 2Q backlog up 29% y/y to $2.8B and an average 1.3x book-to-bill ratio. We project revenue and EBITDA growth of ~12% and ~15%, respectively, with upside from M&A."

For an analyst ratings summary and ratings history on Legence Corp click here. For more ratings news on Legence Corp click here.

Shares of Legence Corp closed at $30.57 yesterday.

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