SOLV Energy (NASDAQ:MWH) Sets New 52-Week High After Analyst Upgrade

Key Points

• SOLV Energy stock reached a new 52-week high after Canadian Imperial Bank of Commerce raised its price target to $38 and kept an "outperformer" rating; the shares traded as high as $35.28 and last at $34.8880 on volume of 219,967.
• The company reported quarterly EPS of $0.30, beating estimates by $0.15, while revenue rose about 80% year-over-year.
• Analyst coverage is strongly positive—eleven Buy ratings and one Hold—giving SOLV Energy a consensus Moderate Buy rating with an average target price of $35.55.

SOLV Energy Inc. (NASDAQ:MWH - Get Free Report)'s stock price reached a new 52-week high on Monday after Canadian Imperial Bank of Commerce raised their price target on the stock from $37.00 to $38.00. Canadian Imperial Bank of Commerce currently has an outperformer rating on the stock. SOLV Energy traded as high as $35.28 and last traded at $34.8880, with a volume of 219967 shares trading hands. The stock had previously closed at $34.47.

Other equities analysts have also issued research reports about the stock. Evercore initiated coverage on shares of SOLV Energy in a research report on Monday, March 9th. They issued an "outperform" rating and a $34.00 target price for the company. Wall Street Zen upgraded SOLV Energy to a "hold" rating in a report on Sunday, February 22nd. Jefferies Financial Group initiated coverage on SOLV Energy in a research report on Monday, March 9th. They set a "buy" rating and a $32.00 price target on the stock. UBS Group initiated coverage on shares of SOLV Energy in a research note on Monday, March 9th. They issued a "buy" rating and a $42.00 price target on the stock. Finally, Guggenheim began coverage on shares of SOLV Energy in a research report on Monday, March 9th. They set a "buy" rating and a $37.00 price objective on the stock. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, SOLV Energy currently has a consensus rating of "Moderate Buy" and an average target price of $35.55.

SOLV Energy Price Performance

SOLV Energy (NASDAQ:MWH - Get Free Report) last announced its quarterly earnings data on Thursday, March 19th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.15. The business's revenue was up 80.0% on a year-over-year basis.

About SOLV Energy

SOLV Energy NASDAQ: MWH is a renewable energy company that develops, constructs and operates solar and energy storage projects. The firm provides solutions aimed at reducing customers’ reliance on traditional grid power by pairing photovoltaic systems with battery storage where appropriate. SOLV’s activities are centered on delivering commercial-scale and distributed generation projects for business, institutional and public sector clients.

The company’s services encompass multiple phases of project delivery, including site assessment, system design, procurement, engineering and construction, and ongoing operations and maintenance.

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