Primoris Services

PRIM · NYSE

$72.14−$2.37 (−3.18%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $74.51

PRIM analyst rating

BuyConsensus of 14 analysts over the last 12 months. 57% rate it a buy.

Strong buy0
Buy8
Hold6
Underperform0
Sell0

12-month price target · 18 analysts

Average $120.50 (+67.0% upside)

Low: $85.85
Now: $72.14
High: $180.60

Upgrades and downgrades

The latest rating actions, newest first

PRIM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Cantor Fitzgerald	Sep 29, 2026	Maintains	Neutral	$105.00	12%
Piper Sandler	Sep 9, 2026	Initiates	Neutral	$90.00	38%
UBS	Aug 10, 2026	Maintains	Buy	$186.00 → $138.00	57%
Cantor Fitzgerald	Aug 10, 2026	Maintains	Neutral	$100.00 → $105.00	12%
Guggenheim	Aug 6, 2026	Maintains	Buy	$162.00 → $127.00	55%
Cantor Fitzgerald	Aug 5, 2026	Maintains	Neutral	$100.00	12%
Roth Capital	Jul 20, 2026	Maintains	Buy	$100.00	39%
Needham	Jul 13, 2026	Maintains	Buy	$188.00 → $172.00	30%
Oppenheimer	Jul 7, 2026	Initiates	Outperform	$135.00	61%
JP Morgan	Jun 29, 2026	Upgrade	Neutral → Overweight	$105.00 → $116.00	48%

The case for and against

Updated Oct 14, 2026

Bull case

Primoris Services is positioned for a constructive fundamental recovery because its backlog has reached record levels, including $13.86B in the second quarter of 2026, while new awards in Energy and Utilities support multi-year revenue visibility and stronger conversion ahead. Its outlook is further strengthened by the shift toward natural-gas generation, where management sees ~$800-900M of incremental work in 2H26 and revenue rising to $800M-$1B in 2027 from $500-600M in 2026, with a more favorable reimbursable-to-GMP contract structure that should improve margin quality versus solar. Buybacks also signal confidence, as ~$100M repurchased in 3Q exhausted the $150M Apr 2025 authorization, while management expects Energy gross margin to recover from 6%-8% in 2026 back toward 10%-12% in 2027 as challenged projects conclude.

Bear case

Primoris Services is viewed negatively because its earnings are highly exposed to project timing, renewable policy volatility, and execution risk, with tariffs, permitting, weather, labor shortages, and supply-chain constraints all capable of pushing revenue between quarters. The company’s 2026 renewables revenue is expected to fall about 33% to roughly $2.0B, while six underbid solar projects are estimated to have caused about $192M of cost overruns and dragged 2026 adjusted EBITDA margin to 3.8%, underscoring weak pricing discipline and fragile share in a market growing over 14%. Cash conversion and balance-sheet flexibility also look pressured, as contract assets rose to $937M, retention receivable to $311M, top-ten customers reached 53.1% of 2025 revenue, and $8.7bn of bonds outstanding may constrain future bidding capacity.

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