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Stifel analyst Noelle Dilts raised the price target on EMCOR Group (NYSE: EME) to $115.00 (from $100.00) on the belief that that the company will outperform the base nonresidential construction market in 2021 and 2022, given the company's targeted focus on resilient end markets and positioning as a contractor of choice.
The analyst reiterated the Buy rating, stating "We expect improvement in the challenged Industrial Services business in 2H21 and into 2022 as refined products demand begins to normalize. We raise our FY21 and FY22 revenue estimates by 3.8% and 5.8%, respectively, to reflect strong RPO (up 13.8% y/y) and visibility into improving demand trends. Our FY21 EPS and FY22 EPS estimates come up 9.8% and 16.0% respectively. A quicker rebound in Industrial Services, a swift resolution of the COVID-19 pandemic due to increased vaccinations and herd immunity, and a stronger than expected recovery in nonresi construction represent sources of upside potential."
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