What Happened?
Shares of electrical construction and infrastructure services provider MYR Group (NASDAQ: MYRG) jumped 3.7% in the afternoon session after Goldman Sachs raised its price target on the stock to $248.00 from $205.00, though the firm maintained its Neutral rating. The new price target, set by analyst Ati Modak, represented a significant increase of nearly 21% from the previous one. While the firm did not change its overall investment rating on the stock from 'Neutral,' the higher valuation suggested a more positive outlook on the company's future worth. This type of analyst action often signals to investors that a firm sees more potential value in a company's shares than previously estimated, even without a formal recommendation to buy.
After the initial pop the shares cooled down to $227.03, up 3.2% from previous close.
Is now the time to buy MYR Group? Access our full analysis report here.
What Is The Market Telling Us
MYR Group’s shares are very volatile and have had 22 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 7 months ago when the stock gained 18.9% on the news that the company reported strong first quarter 2025 results which significantly beat analysts' revenue expectations and delivered EPS above Wall Street estimates. Guidance wasn't provided, but the growing backlog, nearly 9% year-on-year, offered a clear signal of steady demand and gave investors some visibility into near-term sales stability. Zooming out, we think this was a good quarter with some key areas of upside.
MYR Group is up 53.5% since the beginning of the year, and at $227.03 per share, it is trading close to its 52-week high of $235.79 from November 2025. Investors who bought $1,000 worth of MYR Group’s shares 5 years ago would now be looking at an investment worth $4,664.
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