Primoris EPS Forecast Slashed 50%, Shares Drop Over 37% On KeyBanc Downgrade
PRIM•Primoris halved its 2026 adjusted EPS forecast to $2.05–$2.60 and guided renewables revenue to $2.1 billion, down from $3 billion last year. KeyBanc downgraded the stock to Sector Weight with no price target and shares plunged over 37% in premarket trading.
1. Guidance Cuts Trigger Sharp Share Decline
Primoris reduced its 2026 adjusted EPS outlook by roughly 50% to $2.05–$2.60 and guided renewables revenue to $2.1 billion, down from $3 billion last year, leading shares to tumble over 37% in premarket trading.
2. KeyBanc Cuts Rating With No Price Target
KeyBanc shifted Primoris from Overweight to Sector Weight and removed its price target, citing a fourth consecutive negative update and lack of clarity on returning renewables operations to target margins.
3. Executive Departure and Heightened Project Concerns
Operating chief Jeremy Kinch left the company as Wells Fargo lowered its price target to $85 from $118 and flagged potential further losses on four ongoing projects in the second half of the year.
