FBR Says MYR Group May Be Next M&A Target After Pike

Following Monday's announcement that investment firm Court Square Capital and J. Eric Pike will acquire Pike PIKE for $12 per share, FBR analyst Alex Rygiel said MYR Group MYRG is likely the next M&A target.

Rygiel believes the deal will probably go through at $12 per share as it is unlikely Pike's peers would be willing to pay more than 8x EV/EBITDA. He also noted that at 8x EV/EBITDA MYR would trade at ~$34, which represent 36 percent upside.

Rygiel rates MYR Group at Outperform.