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FBR Capital Downgrades MYR Group (MYRG) to Market Perform

August 8, 2014 6:37 AM EDT
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Price: $176.75 +0.86%

Rating Summary:
    4 Buy, 7 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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FBR Capital downgraded MYR Group (NASDAQ: MYRG) from Outperform to Market Perform with a price target of $27.00 (from $30.00).

Analyst Alex Rygiel cited: (1) declining labor and equipment utilization as certain large projects come to completion without a smooth transition to new large projects; (2) a near-term revenue mix shift away from large project work to smaller projects that we believe could have lower profitability due to greater small project competition; and (3) lack of visibility with certain organic growth initiatives within new geographic markets and possible acquisitions."

The firm is lowering EPS estimate for 2014 and 2015 to $1.20 (from $1.50) and $1.25 (from $1.65), respectively.

For an analyst ratings summary and ratings history on MYR Group click here. For more ratings news on MYR Group click here.

Shares of MYR Group closed at $24.50 yesterday.



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