Cantor Fitzgerald Sets $34 Target on Centuri Citing Record Backlogs and Electric Growth
Cantor Fitzgerald initiated coverage on Jan.23 with an Overweight rating and $34 target, citing record backlogs from grid modernization, electrification and reshoring, and highlighting recurring MSA-driven utility revenue and accelerating electric growth. Wells Fargo raised its price target to $30 on Jan.7, noting cautious 2026 guidance expected to underwhelm.
1. Cantor Fitzgerald Initiates Coverage
On January 23, Cantor Fitzgerald launched coverage of Centuri Holdings with an Overweight rating and a $34 price target. The firm pointed to a robust multi-year investment cycle in the Engineering & Construction sector as underpinning long-term growth prospects.
2. Wells Fargo Raises Price Target
Earlier on January 7, Wells Fargo increased its Centuri price target to $30 from $25 and maintained an Overweight rating. The firm warned that initial 2026 guidance ranges may underwhelm due to conservative forecast assumptions.
3. Key Investment Cycle Drivers
Centuri’s growth is fueled by grid modernization projects, electrification and energy transition initiatives, rising data center power demand and reshoring of industrial capacity. These trends have produced record backlog levels and enhanced long-term revenue visibility.
4. Recurring Revenue and Deleveraging
The company’s highly recurring, MSA-driven utility services revenue and accelerating non‐union electric segment provide stable cash flows. Rapid post-spin deleveraging has strengthened the balance sheet, supporting valuation upside.