UPDATE: Stifel Nicolaus Raises PT to $34 on MYR Group Post Strong Q2

Stifel Nicolaus reiterated its Buy rating on MYR Group

and increased its price target from $33 to $34. Stifel Nicolaus commented, "MYRG reported strong 2Q12 results, led by 91% electric transmission growth and higher margins in both segments. A third consecutive backlog decline is the one investor concern. We believe that strong 2H12 and record 2013 transmission project awards provide MYRG with the opportunity to increase its backlog substantially above its record 2011 level over the next few quarters (see below). MYRG is valued at 8.7x our 2013 EPS forecast and we forecast nearly $2.00 per share of net cash by year-end 2012. We view the stock as extremely attractive." MYR Group closed at $18.15 on Wednesday.