Canaccord Genuity Reiterates a Buy Rating on MYR Group

By Austin Angelo

In a report released today, Robert Burleson from Canaccord Genuity reiterated a Buy rating on MYR Group (NASDAQ: MYRG), with a price target of $34. The company’s shares opened today at $31.01, close to its 52-week high of $31.41.

Burleson noted:

“We are increasing our estimates and raising our price target to $34 following strong Q3 results. Bidding activity is healthy across T&D and C&I, and the company is expanding its footprint in Canada for both businesses with the WPE acquisition.”

According to TipRanks.com, Burleson is a 4-star analyst with an average return of 1.3% and a 46.7% success rate. Burleson covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Integrated Device Tech, and Mitel Networks Corp.

MYR Group has an analyst consensus of Moderate Buy, with a price target consensus of $30.75.

The company has a one year high of $31.41 and a one year low of $17.77. Currently, MYR Group has an average volume of 121K.

Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is neutral on the stock. Most recently, in August 2016, Tod Cooper, the SVP of MYRG sold 9,212 shares for a total of $264,845.

MYR Group, Inc. is a holding company, which engages in the provision of electrical construction services. It operates through the Transmission and Distribution, and Commercial and Industrial segments. The Transmission and Distribution segment provides design, engineering, procurement, construction, upgrade, maintenance, and repair services to high voltage transmission lines, substations, lower voltage underground, and overhead distribution systems. The Commercial and Industrial segment designs, installs, maintains, and repairs commercial and industrial wiring; traffic networks; and bridge, roadway, and tunnel lighting. The company was founded in 1995 and is headquartered in Rolling Meadows, IL.