Jefferies upgrades MYR Group stock to Buy and cuts target to USD 370.00

Published on 10/07/2026 at 02:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Jefferies moved its rating from Hold to Buy and target from USD 377.00 to USD 370.00 on October 6, 2026. MYR Group stock had a USD 5.1 billion market value.

MYRG, US55405W1045, Illustration mit AI erstellt.

MYR Group (ISIN US55405W1045) received a Buy rating from Jefferies after the firm cut its price target from USD 377.00 to USD 370.00 on October 6, 2026, as Investing.com reports. The move followed stronger second-quarter execution and expectations for margin expansion.

Target cut meets stronger earnings

MYR Group reported USD 1.08 billion of revenue in the second quarter of 2026, up 20.1 percent from the year-earlier quarter, according to Zacks. The same report put net income at USD 49.9 million, an 88.4 percent increase from the second quarter of 2025.

The earnings release listed diluted earnings per share of USD 3.17 for the second quarter of 2026, compared with USD 1.70 a year earlier, while gross margin expanded to 13.2 percent from 11.5 percent, MYR Group states.

Margins and backlog strengthen the case

The improvement was not limited to the top line. Commercial and Industrial revenue rose 41.5 percent year over year in the second quarter of 2026, while Transmission and Distribution revenue increased 3.5 percent, according to Zacks. The backlog reached USD 3.16 billion at the end of the quarter, giving the company a quantified base for future project revenue.

Jefferies said material 345-kilovolt projects could begin contributing in the second half of 2027 at the earliest, while the firm raised its fiscal 2028 to 2030 earnings estimates by 4.4 percent to 6.5 percent per year, Investing.com reports. That timing leaves project execution and the cyclical Commercial and Industrial market as important variables behind the target reduction.

Market value and yearly range

MYR Group had a market capitalization of USD 5.1 billion on October 6, 2026. Its 52-week range was USD 190.14 to USD 503.57, placing the latest primary-market context below the yearly high and keeping valuation sensitivity central to the analyst debate.

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