MYR Group shares are trading lower after the company reported worse-than-expected Q1 financial results. Also, Baird maintained an Outperform rating on the stock and lowered its price target from $185 to $180.
Portfolio Pulse from Benzinga Newsdesk
MYR Group's shares declined following the announcement of disappointing Q1 financial results. Additionally, Baird reaffirmed an Outperform rating but reduced the price target from $185 to $180.

May 02, 2024 | 3:01 pm
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NEGATIVE IMPACT
MYR Group's stock price fell due to disappointing Q1 earnings, despite Baird's continued support with an Outperform rating, albeit with a reduced price target.
The negative impact on MYR Group's stock price is directly tied to its worse-than-expected Q1 financial performance, which typically leads to a decrease in investor confidence and stock value. Baird's decision to lower the price target, despite maintaining an Outperform rating, further suggests a recalibration of expectations, potentially leading to short-term bearish sentiment among investors.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100