What Happened?
Shares of infrastructure construction company Primoris (NYSE:PRIM) jumped 4.2% in the morning session after multiple top-rated analysts reiterated Strong Buy ratings and increased their price targets for the construction company. KeyBanc analyst Sangita Jain raised her price target to $129 from $119, citing "a higher multiple, aligned with the long tail of growth prospects in several of the company's segments, particularly gas generation, renewable, and power delivery." Similarly, Guggenheim's Joseph Osha boosted his price forecast to a Street-high of $130 from $110 after updating his model to reflect recent quarterly results. This analyst optimism is supported by the company's solid performance, as Primoris ended the second quarter with an impressive backlog of $11.5 billion, signaling strong future revenue visibility.
After the initial pop the shares cooled down to $117.65, up 4.1% from previous close.
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What Is The Market Telling Us
Primoris’s shares are somewhat volatile and have had 14 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 previous big move we wrote about was about 23 hours ago when the stock dropped 3.2% on the news that concerns about the health of the U.S. economy grew following a significant downward revision of job market data.
The Labor Department reported that employers added 911,000 fewer jobs from April 2024 through March than initially estimated. These "benchmark revisions" are issued annually to more accurately account for new and defunct businesses. The report detailed that the leisure and hospitality sector added 176,000 fewer jobs, professional and business services 158,000 fewer, and retailers 126,000 fewer. This weaker-than-expected data has fueled investor anxiety, as it suggests businesses may be becoming more reluctant to hire amid economic uncertainty. The numbers issued are preliminary, with final revisions scheduled for February 2026.
JPMorgan Chase CEO Jamie Dimon added that the U.S. economy is "weakening," though he stopped short of predicting a recession. "Whether it's on the way to recession or just weakening, I don't know," he said. Dimon's remarks are closely watched, given his influence as head of one of the nation's largest banks.
Primoris is up 53% since the beginning of the year, and at $117.65 per share, it is trading close to its 52-week high of $119.55 from August 2025. Investors who bought $1,000 worth of Primoris’s shares 5 years ago would now be looking at an investment worth $6,530.
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