JPMorgan Upgrades Primoris Services (PRIM) to Overweight

Primoris Services Corporation (NYSE:PRIM) is one of the 15 Best Data Center Stocks to Buy and Hold for the Next Decade.

On June 29, 2026, JPMorgan analyst Mark Strouse upgraded Primoris Services Corporation (NYSE:PRIM) to Overweight from Neutral with a price target of $116, up from $105. Strouse said the shares are trading at a significant discount to peers while the non-renewables parts of the business continue to perform well. JPMorgan said “it is time for investors to take a step back” and view Primoris through a sum-of-the-parts perspective. The firm sees valuation upside even if one assumes additional cost overruns in the renewables segment, which JPMorgan said is unlikely.

On June 30, Fermi (FRMI) announced a major agreement with Primoris Energy Services, part of Primoris, to engineer and construct the balance of plant for the first six SGT-800 gas turbines anchoring Fermi’s phase one power buildout. The agreement covers the engineering, procurement, and construction scope for the simple cycle phase of Fermi’s Siemens 6×1 combined cycle generating facility, next to the Project Matador hyperscale computing and data center campus in Amarillo, Texas.

Image by aymane jdidi from Pixabay

On June 25, Cantor Fitzgerald lowered the firm’s price target on Primoris to $100 from $124 and kept a Neutral rating on the shares. Cantor Fitzgerald said Primoris Services shares rose about 9% after its webcast as investors took some comfort from management’s view that renewable project issues remain confined to six identified projects, with completion timelines staged from near-term through year-end. Cantor Fitzgerald said the stock is still a “prove-it” story until execution is fully demonstrated.

Primoris Services Corporation (NYSE:PRIM) provides infrastructure services primarily in the United States and Canada.

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