JPMorgan analyst Mark Strouse upgraded Primoris to Overweight from Neutral with a price target of $116, up from $105. The shares are now trading at a significant discount to peers while the non renewables parts of the business continue to perform well, the analyst tells investors in a research note. JPMorgan believes \"it is time for investors to take a step back\" and view Primoris through a sum-of-the-parts perspective. The firm sees upside to the valuation even if one assumes additional cost overruns in the renewables segment, which it feels is unlikely.
