Jefferies upgrades MYR Group to 'buy'; shares gain
MYRG•MYR Group shares gained 3.7% to $313.75 in premarket trading after Jefferies raised its rating to “buy” from “hold.” Jefferies cited improving visibility and momentum across transmission and distribution and commercial and industrial markets.
1. Rating upgrade
Jefferies upgraded MYR Group to “buy” from “hold,” saying momentum is building and visibility is improving across transmission and distribution and commercial and industrial markets. The brokerage also cited strengthening utility capital spending and demand, and said MYR Group was positioned for “superior earnings growth vs peers.”
2. Analyst ratings
Six of 10 brokerages rate the stock “buy” or higher, while four rate it “hold.” Their median price target is $431.50. MYR Group shares were up 38.5% year to date as of the prior close.
