Primoris Services Corporation (PRIM) PT Lowered to $128 at Mizuho

Mizuho analyst Maheep Mandloi lowered the price target on Primoris Services Corporation (NYSE: PRIM) to $128.00 (from $129.00) while maintaining a Neutral rating.

The analyst comments "Primoris beat Q3 revenue/EBITDA cons est by ~18%/21%, driven by strong project execution and demand pull from future periods, particularly in renewables, which accelerated ~$1b revenues. This timing shift explains the sequential backlog decline and sets up near-term normalization. Utilities maintained double-digit growth and strong 1.8x book/bill, supported by rising demand and faster work order velocity. Energy segment bookings appeared soft, but management attributed this to tariff-related delays rather than lost projects, with Q4 already showing $600 million booked and another $600m expected. Year-to-date operating cash flow reached $327m, leverage remains minimal at 0.1x net debt-to-EBITDA, and liquidity of $746m positions Primoris for strategic M&A. Management raised full-year guidance across EPS and EBITDA, signaling strong momentum into 2026. We reduce our PT by 1% to $128 as we mark to market mulitples."

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