UPDATE: DA Davidson Downgrades Primoris Services Corporation to Neutral on Price Gains
DA Davidson downgraded Primoris Services Corporation (NASDAQ: PRIM) from Buy to Neutral and raised the price target from $18.50 to $20.00.
DA Davidson said, "We are reducing our rating on the shares of Primoris to NEUTRAL from Buy to reflect the shares' substantial recent appreciation, up over 50% during the past six months, including 25% over the past month. … We continue to view the company as well positioned to leverage increased investment in gas pipeline construction across North America as well as industrial and civil projects along the Gulf Coast. Following slightly lower expected earnings in 2012, we look for these markets and the company's project execution to support higher earnings."
Primoris Services Corporation closed at $19.06 on Monday.
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