Legence jumps as BofA hikes price target to $90 on data-center visibility

Legence Corp. (NASDAQ: LGN) shares are higher in Thursday trading, tracking a new bullish analyst catalyst. Bank of America raised its price target on Legence to $90 from $62 and maintained a Buy rating, citing above-peer growth and extended project visibility tied to secular end-markets.

The upgrade-style move arrives after a period where Legence has been increasingly framed as an infrastructure beneficiary of AI/data-center capex. The BofA note specifically points to positioning at the intersection of data-center buildouts and pharmaceutical reshoring trends—two demand vectors that can support longer-duration backlogs and steadier utilization across engineering, installation, and maintenance work.

Legence recently completed a large secondary sale by Blackstone-affiliated holders, which increased float but did not raise capital for the company. With the deal priced at $54.00 per share and now well behind the stock’s current level, bulls may interpret the successful placement as removing near-term supply uncertainty, while bears will watch for any renewed sponsor selling and volatility tied to valuation and rate sensitivity.

Key near-term checkpoints include whether additional analysts follow with upward revisions, whether management commentary continues to reinforce multi-quarter demand visibility in data centers and life sciences, and whether the stock can sustain gains as trading volume normalizes after the recent secondary transaction.