Primoris Services (NYSE:PRIM) Price Target Lowered to $188.00 at Needham & Company LLC

Key Points

• Needham cut its price target on Primoris to $188 (from $205) but kept a "buy" rating, signaling confidence despite the downgrade; the stock's consensus on MarketBeat is a Moderate Buy with a $164.20 average target.
• Q1 results missed expectations — EPS $0.59 vs. ~$0.87 est. and revenue $1.56B vs. ~$1.73B — management trimmed near‑term outlook and set FY‑2026 guidance of $4.80–5.00 EPS (analysts forecast ~5.73).
• The miss prompted a multi‑day selloff and multiple law firms opened investigations, creating legal/reputational risk, even as institutional ownership is very high (≈91.82%) with several large funds materially increasing stakes.

Primoris Services (NYSE:PRIM - Get Free Report) had its price objective reduced by Needham & Company LLC from $205.00 to $188.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target points to a potential upside of 74.64% from the stock's current price.

A number of other research firms have also weighed in on PRIM. JPMorgan Chase & Co. raised their target price on Primoris Services from $165.00 to $171.00 and gave the company a "neutral" rating in a report on Wednesday, April 1st. Wells Fargo & Company increased their target price on shares of Primoris Services from $138.00 to $168.00 and gave the company an "equal weight" rating in a report on Thursday, February 26th. KeyCorp decreased their price target on Primoris Services from $179.00 to $137.00 and set an "overweight" rating for the company in a research report on Thursday. Wolfe Research initiated coverage on Primoris Services in a research report on Thursday, April 9th. They set an "outperform" rating and a $183.00 price target for the company. Finally, UBS Group increased their price target on Primoris Services from $176.00 to $212.00 and gave the company a "buy" rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and a consensus target price of $164.20.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $107.65 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.24. Primoris Services has a 52 week low of $67.15 and a 52 week high of $205.50. The firm has a 50 day moving average price of $150.65. The firm has a market capitalization of $5.84 billion, a PE ratio of 23.71 and a beta of 1.50.

Primoris Services (NYSE:PRIM - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.28). Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The firm had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the business posted $0.98 EPS. The company's revenue was down 5.4% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Research analysts forecast that Primoris Services will post 5.73 EPS for the current year.

Hedge Funds Weigh In On Primoris Services

Several large investors have recently modified their holdings of PRIM. Wellington Management Group LLP increased its stake in shares of Primoris Services by 163.0% in the fourth quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company's stock worth $216,774,000 after purchasing an additional 1,082,218 shares in the last quarter. Norges Bank purchased a new stake in shares of Primoris Services during the fourth quarter worth $103,368,000. State Street Corp lifted its position in shares of Primoris Services by 56.8% during the fourth quarter. State Street Corp now owns 2,011,488 shares of the company's stock worth $249,866,000 after acquiring an additional 728,646 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Primoris Services by 7.8% during the 4th quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company's stock worth $804,361,000 after purchasing an additional 466,192 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Primoris Services by 69.6% during the 3rd quarter. American Century Companies Inc. now owns 1,019,856 shares of the company's stock worth $140,057,000 after purchasing an additional 418,374 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

More Primoris Services News

Here are the key news stories impacting Primoris Services this week:

• Positive Sentiment: Utilities segment strength partially offset Energy weakness in Q1, a sign management points to some underlying operational resilience that could support recovery if end‑market conditions stabilize. InsiderMonkey Q1 revenue report
• Positive Sentiment: At least one major analyst (KeyCorp) lowered its price target but kept an “overweight” rating, signaling some analysts still see upside from current levels — a catalyst for bargain hunting after the selloff. Benzinga analyst note
• Neutral Sentiment: Investors can review the company’s Q1 earnings call and presentation for detail on margins, backlog and guidance (management set FY‑2026 EPS guidance at 4.80–5.00), which will be central to re‑rating the stock. Yahoo Finance earnings call summary
• Neutral Sentiment: Detailed materials and transcripts of the Q1 presentation are available for modeling and due diligence; independent commentary (Zacks, Seeking Alpha) is weighing valuation vs. execution risk. Seeking Alpha Q1 presentation
• Negative Sentiment: Q1 results missed expectations — EPS $0.59 vs. ~$0.87 est and revenue $1.56B vs. ~$1.73B — and management trimmed near‑term outlook, which precipitated a sharp, multi‑day selloff and forced short‑term reevaluation of growth assumptions. MSN coverage of earnings miss and plunge
• Negative Sentiment: Multiple law firms have opened investigations/ shareholder alerts into possible securities‑law claims related to the company’s disclosures, increasing legal and reputational risk that could weigh on the stock until resolved. Pomerantz investor alert Block & Leviton investigation notice Ademi LLP alert

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.

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