FBR Capital Downgrades MYR Group (MYRG) to Market Perform
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Rating Summary:
4 Buy, 7 Hold, 0 Sell
Rating Trend: Down
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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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