PRIM was recommended by Upside at $10.48 in Investment Digest issue 703, dated September 14, 2011. PRIM closed Friday at $11.98.
“Primoris Services Corp. (PRIM) is being downgraded to Sell because of a deteriorating profit outlook and sloppy share-price action. The specialty contractor posted weak March-quarter results. Per-share earnings were $0.20, down 17% and $0.04 below the consensus.
“Revenue declined 19% and also missed the consensus. For 2012, the per-share earnings estimate is $1.08, down from $1.24 a month ago. Last year the company earned $1.25 per share. Primoris, first recommended as a Buy at $12.90 in June 2011 and upgraded to Best Buy at $14.07 in November, should be sold.”
- Richard J. Moroney, CFA, Upside, June 4, 2012