HARTFORD, Conn. (AP) ¿ Shares of MYR Group Inc. rose Tuesday as two analysts said they see profit at the construction services company moving higher than Wall Street estimates this year and next.
Analyst Alex Rygiel of FBR Capital Markets, citing federal stimulus money as a boon to MYR Group, said in a note to investors he believes earnings will be $1 per share for 2009. He reiterated his "Outperform" rating and $21 price target.
Analysts surveyed by Thomson Reuters expect the Rolling Meadows, Ill., company to earn 95 cents per share in 2009.
"We continue to believe that the company is well positioned to benefit from the stimulus plan and President Obama's focus on renewable energy and infrastructure," Rygiel said.Spending priorities by the Barack Obama administration and Congress may "create additional catalysts for investment" in electric transmission, he said. In addition, legislation giving the Federal Energy Regulatory Commission more authority to plan, locate and permit power facilities "may significantly enhance the longer-term opportunities" for MYR Group, Rygiel said.