Goldman Sachs has initiated coverage of EMCOR’s (NYSE: EME) shares by assigning a “Sell” rating, which, as a result, drove the stock down more than 4% on Friday.
The Wall Street bank assigned a 12-month price target of $445 per share on the construction company.
In October, EMCOR Group reported net income of $270.3 million ($5.80 per share) for the third quarter, which was an increase from $169.4 million ($3.57 per share) in the respective quarter a year earlier.
EMCOR Group also revised up its full-year earnings forecast to the range of $20.50 to $21.00 per share from $19.00 to $20.00 per share previously.
Total revenue was reported at $3.67 billion in the third quarter, compared to $3.21 billion a year ago.
Stock Performance
The shares of EMCOR Group Inc (EME) closed 4.18% ($22.03) lower at $504.92 in New York on Friday. It has been the stock’s steepest single-session loss since September 3rd.
The company’s total market cap now stands at $23.227 billion.
The shares of EMCOR Group Inc (EME) went up 45.45% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 134.38% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 3 out of 4 surveyed investment analysts had rated EMCOR Group Inc’s stock as “Buy”, while 1 – as “Sell”. The median price target on the stock stands at $540.00, which translates into a 6.95% upside compared to the closing price on Friday.
The high point of the analyst forecast range stands at $600.00.
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