UPDATE: Imperial Capital Initiates Coverage on Primoris Services

According to a research report published this morning, Imperial Capital has initiated Primoris Services PRIM with an Outperform rating and $15 PT. Imperial Capital commented in the report, "As a leading provider of specialty construction services to several construction end markets, we believe Primoris has the technological skill set, long-standing client relationships, deep management team, and solid industry track record to win both repeat business and new awards, which should help it grow backlog over the next few years at above-sector rates." Primoris Services closed yesterday at $11.50.