MYR Group (MYRG) PT Raised to $172 at Baird

Baird analyst Andrew Wittmann raised the price target on MYR Group (NASDAQ: MYRG) to $172.00 (from $138.00) while maintaining a Outperform rating.

The analyst commented: "Individual investor meetings only, no general session. "Problem projects" (small/medium solar work in T&D plus one large unidentified project in C&I) on track for mechanical completion in 4Q24. Margins set to return to mid-point of targeted ranges (T&D: 7.0-10.5%; C&I: 4-6%) in 2025, matching consensus. Project terms/conditions (T&Cs) materially improved, though management still cautious of solar market, which is likely a revenue headwind through 1H25 (~12% of T&D revenue YTD). Offsetting, core T&D markets growing HSD with "best visibility in 40 years." Election seen augmenting "onshoring" trends, with opportunity in C&I. Sense potential M&A tilt, given recent buybacks/stock recovery and desire to balance against the stock's minimum float distortions. We tweak estimates slightly (relative to our pre-3Q24 earnings call's initial cut) for solar drag in T&D through 1H25 and a slightly higher tax rate assumption for lower deductibility of incentive compensation in 4Q24."

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